UK's Lookers slumps as shareholder opposes Global Auto deal

Lookers

20/07/2023 08:26

** Shares of UK's Lookers Plc  LOOK.L  down about 7% at
111p, bottoms London's smallcaps  .FTSC  index 
    ** Car dealership chain's deal with Auto Global Holdings
uncertain after shareholder Cinch Holdco UK revealed its
intention to vote against the deal 
    ** Co says it will re-engage with other shareholders about
chances of deal going through 
    ** Global Auto in a separate statement says Cinch is
withdrawing the letter of intent and will vote against the deal
    ** LOOK shares hit lowest level since Global Auto announced
offer on June 20
    ** Stock on track to log worst day since October 2021, 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;))