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U.K. dealer group Lookers says acquisition by Global Auto unlikely to get approval

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Global Auto Holdings, which is affiliated with Canada's Alpha Auto Group, aimed to buy Lookers for about US$601 million, but shareholders are opposing the deal.

British car dealership Lookers said that shareholders representing about 25 per cent of its voting rights intended to oppose a proposed acquisition by Global Auto Holdings and the deal was unlikely to succeed.

Shares in Lookers declined further after the second statement, sliding as much as 17 per cent to 98.8 pence , and were trading about 15 per cent down earlier on Thursday. Court and general meetings to seek approval for the proposed deal are scheduled to be held on July 27. Global Auto Holdings said in a separate statement on Thursday that Cinch had withdrawn its letter of intent and intended to vote against the acquisition.

 

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