The UK’s leading car dealer Pendragon has seized victory over Lookers in the tug-of-war for Reg Vardy – with an unmatchable GBP506m offer.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Lookers has ruled itself out of future bidding as the Board of Reg Vardy recommends Pendragon’s revised GBP9.00 per share acquisition offer.
It looks like the final chapter to negotiations, which date back to 5 December last year when Pendragon had an initial GBP8.00 per share offer approved by Reg Vardy.
Lookers then confirmed rising speculation by outbidding its rival on 17 January, tabling an GBP8.75 per share offer. A week later Pendragon had a three-way consolidation proposal promptly rejected by Lookers.
In its latest statement, Lookers said it is no longer in the best interests of its shareholders to proceed with the acquisition.
Lookers spokesperson Nick Lyon told just-auto: “From our client’s point of view, Pendragon have put a very high offer in now, and there are more than enough opportunities to go for elsewhere. There could be future acquisitions but definitely not another offer for Reg Vardy.
“Lookers will carry on growing by way of strengthening new car franchises, used cars and aftersales presence.”
