Canada's Alpha Auto Group to buy Lookers in £465.4m deal

Lookers said on Monday that it has agreed to be bought by Toronto-based car dealership Alpha Auto Group in a £465.4m cash deal.

The price represents a 35.3% premium to the closing share price on Monday.

Lookers chief executive Mark Raban said: "Today's offer reflects the transformational progress that has been made in recent years. We have harnessed our strong market position, enhanced our brand relationships, and executed well against our six strategic priorities.

"I am excited about the combination with Bidco. It will create a business of greater scale, and bring together two successful businesses with complementary OEM relationships, and a strong platform to support future growth in the UK."