Lookers’ indicative offer
June 8th, 2011 by James Batchelor
DEALER group Lookers has received an ‘indicative’ offer for the company, it has been revealed.
It is believed the offer is 80 pence a share and is being led by property tycoon Jack Petchey.
Lookers’ share price has already reacted to the news. It rose 9.4 per cent yesterday – the highest since May 2008 – and the offer now values the business at approximately £307m.
It’s not the first offer from Petchey, though. We reported in April that Lookers had rejected a ‘speculative offer’, and in May that the firm’s share price rose after Petchey’s name linked to the deal was revealed.
As reported by Bloomberg, Lookers said in a statement: ‘There can be no certainty whether any offer will be made nor, if an offer is made, as to the terms on which any offer might be made. A further announcement will be made when appropriate.’
Tags: lookers
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