Suitors Approach British Car Dealership Lookers

A consortium of investors, led by investor Jack Petchey, has approached British car dealership and parts supplier Lookers with a potential buyout offer, Reuters reported. Petchey’s Trefick vehicle, along with real estate private equity investment advisory firm Moor Park Capital Partners, and venture capitalist Brett Palos made a joint approach to Lookers’ board in writing regarding a possible cash offer, Reuters wrote. Lookers, however, has not allowed the suitors access to its books, Reuters said.

(Reuters) – A consortium led by a vehicle of veteran investor Jack Petchey has confirmed it made a takeover approach for British car dealership and parts supplier Lookers but has been refused access to its target’s books.

Petchey’s Trefick vehicle, along with Moor Park Capital Partners, a real estate private equity investment advisory firm, and Brett Palos, a venture capitalist and real estate investor, said on Tuesday they had made a joint approach to Lookers’ board in writing regarding a possible cash offer.

“The parties have requested access to certain information in order to confirm the cash offer, but the board of Lookers has, to date, declined to provide this,” they said in a statement, adding there was no certainty any offer will be made.

Trefick owns a 17.3 percent stake in Lookers, which last Wednesday said its board had rebuffed a “highly speculative” approach for the company from an unnamed suitor, pushing its shares more than 10 percent higher.

Shares in Lookers were up 5.7 percent at 68.63 pence at 0726 GMT, valuing the business at about 266 million pounds ($444.4 million).

(Reporting by James Davey, editing by Rhys Jones)