Takeover of motor retailer Lookers gets go ahead

The £504 million takeover of motor retailer Lookers, which owns Charles Hurst Group, got the go ahead at a shareholders meeting this week.

As reported here back in June, Alpha Auto Group (AAG), a privately owned car dealership chain based out of Ontario, Canada, will acquire Lookers through Global Auto Holdings Limited, which is owned by Alpha’s founder and referred to as Bidco in the stock exchange filing.

Global is paying 130p per share for the company after it revised the offer upwards from 120p, which had been rejected by Lookers’ biggest shareholder Cinch, which is owned by Constellation.