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

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 Global Auto Holdings said in a separate statement on Thursday that Cinch had withdrawn its letter of intent and intended to vote against the acquisition.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

U.S. investment funds hit limits on holdings of high-flying tech stocksDiversification rules stop some asset managers from buying more shares in tech companies that dominate the recent stock rally. Read on.
Source: fpinvesting - 🏆 43. / 63 Read more »

Advocate warns of 'domino effect' in Alberta with auto insurance company's looming exitThe Insurance Brokers Association of Alberta is warning of a potential exodus after a provider said it would pull out of the province.
Source: calgaryherald - 🏆 64. / 52 Read more »

Advocate warns of 'domino effect' in Alberta with auto insurance company's looming exitThe Insurance Brokers Association of Alberta is warning of a potential exodus after a provider said it would pull out of the province.
Source: calgarysun - 🏆 63. / 52 Read more »