11:24 pm, June 8, 2011
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.’
