UK's Lookers slumps as Global Auto deal hits roadblock
20/07/2023 09:28
(Updates)
** Shares of UK's Lookers Plc LOOK.L fall as much as 16.9%
to 99p, bottoms London's smallcaps .FTSC index
** UK's Auto dealership chain says deal with Auto Global
Holdings unlikely as it expects more than 25% of shareholders to
vote against deal
** Lookers' largest shareholder Cinch Holdco UK revealed to
Auto Global it was withdrawing letter of intent and intended to
vote against deal
** LOOK says pursuing all shareholders, including Cinch, for
deal to go through
** LOOK shares hit lowest level since Global Auto announced
offer on June 20
** Stock on track to log worst day since June 2020, if trend
holds
** Up to last close, stock up ~56% this year
(Reporting by Prerna Bedi in Bengaluru)
((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))