Car dealer Lookers set to be delisted from London Stock Exchange

Car dealer Lookers set to be delisted from London Stock Exchange

Time Stamp: October 6, 2023 5:14 AM
Source Node: 2315934

The AM100 dealer group Lookers is set to be delisted from the London Stock Exchange next week in accordance with its takeover by Global Auto Holdings, a bidding vehicle and sister business to Canada’s Alpha Auto Group.

After the takeover scheme received approval from shareholders, and has been given the green light by the Financial Conduct Authority and the High Court, yesterday (October 5) was the last day of dealings in, and for the registration and transfer of, Lookers shares.

An application has been made to de-list Lookers on Monday (October 9) from the London Stock Exchange.

It has been just four months since news broke of a takeover bid for Lookers by Global, who’s owner is Kuldeep Billan, the executive chairman of Canada’s Alpha Auto Group, which he founded in 2014 after numerous roles in the financial industry.

Billan had already begun expanding Toronto-based Alpha Auto Group through acquisition since 2018, with a specific focus on North America and Europe.

It has around 1,000 employees at more than 20 dealerships in Ontario and Alberta in Canada and in Oregon and California in the United States.

AAG’s website states: “We are well capitalized and strive to be the buyer of choice due to our approach and pace.  We are open to transactions of all sizes and in many different geographies, which we can operate due to our scalable management model.  Delivering to our key stakeholders – customers, manufacturers and our current and future AAG colleagues remains at the heart of all we do.”

Now read: Lookers, the takeover target.

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