9:17 pm, June 30, 2011
THE proposed buy-out of dealer group Lookers as been abandoned resulting in its share prices slumping.
The company’s shares plummeted 18 per cent or 12.5p to 57p after a buy-out from Trefick fell through.
Earlier this month, the Trefick consortium led by property tycoon
Jack Petchey issued an ‘indicative’ offer for the business.
The offer was believed to be in the region of 80 pence a share, and the valuation of the business stood at approximately £307m.
The withdrawal of the offer is due to Lookers not wanting to continue discussions with Trefick, it is reported.
