Lookers, takeover target, ups H1 revenue 8% to £2.4bn

Altrincham-based car dealership Lookers plc, which has agreed to a cash takeover offer worth about £504.2 million or £1.30 a share or from Canadian car dealer network Alpha Auto Group Holdings LP (AAG), said its revenue rose 8% to £2.419 billion in the six months to June 30, 2023.

The takeover deal requires approval from 75% of Lookers shareholders who are present and vote (either in person or by proxy) at a September 5 meeting.

Lookers said its underlying pre-tax profit slipped 2.3% to £46.1 million in the first half.

Lookers CEO Mark Raban said: “Against significant macroeconomic headwinds the group has once again delivered a good trading performance.

“I would like to thank the entire Lookers team for their amazing contribution and dedication to the company.

“The board unanimously recommends the cash offer for Lookers by Global Auto Holdings Limited at 130p per share, which represents a premium of approximately 61%.

“The board believes that the offer is in the best interests of all shareholders and provides an opportunity to crystallise, in cash, the value of their investments.