Canada’s Alpha Auto Group nears $862M deal for U.K.'s Lookers group after vote

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Canada’s Alpha Auto Group nears $862M deal for U.K.'s Lookers group after vote
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The all-cash takeover will supersize Toronto-based Alpha Auto, adding 147 U.K. locations to its 15 new-vehicle stores in Canada and the United States.

Canada’s Alpha Auto Group is a step closer to finalizing its acquisition of Lookers plc, as shareholders of the publicly traded U.K. dealership group signed off Sept. 5 on the approximately $862.6-million deal.

Global Auto Holdings Ltd., which was formed by the owners of Alpha Auto to carry out the purchase, initially offered 120 pence per share July 20, but upped the offer in August after encountering shareholder resistance.

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