An Altrincham-based business has been sold in an all-cash deal that values the firm at £465.4million.
Listed car dealership group Lookers, which is headquarted in West Timperley, has been bought by the owner of Canadian motor dealer group Alpha Auto.
At 120p per share, the deal represents a 35.3% premium to Lookers’ closing price of 88.7p on Friday.
Lookers, which was founded in 1908 as a bicycle retailer before pivoting to sell cars, has been listed on the London Stock Exchange since 1973.
Its board has unanimously recommended that shareholders vote in favour of the deal, which its chairman says will ‘protect stakeholder interests’ while ‘supporting our customers, operations, communities’ and staff.
Paul Van der Burgh, Interim Chairman of Lookers, said: “The significant financial and operational progress made by Lookers in recent years demonstrates Lookers’ ability to deliver excellent and sustainable value for our stakeholders.
“After a period of extensive engagement between the parties, the Offer represents an attractive opportunity for our shareholders to realise cash now for their investment at a significant premium to the prevailing share price.”
Lookers chief executive Mark Raban added: “We have harnessed our strong market position, enhanced our brand relationships, and executed well against our six strategic priorities.”
Lookers has been based in Altrincham since 1973, and moved to its current 21,000 sq ft home on Etchells in 2017.
