Ontario-based Alpha Auto Group was set to buy U.K. dealer network Lookers, but the path to acquisition may now be blocked.
According to several media outlets, including Reuters and Yahoo, Lookers reportedly said that a number of shareholders — those representing approximately 25 per cent of its voting rights — do not plan on giving Alpha Auto Group the green light.
“In the event that the resolutions (related to the proposed deal) do not pass, as the Lookers directors now expect, the scheme of arrangement will lapse and Lookers will remain an independent listed company,” said the U.K. dealer network, as quoted by Reuters.
In June it was reported that Alpha Auto Group, which has a presence in both Canada and the United States, was set to buy Lookers for around $779.22 million Canadian dollars. The outcome of whether the Canadian dealer group will be able to acquire U.K.’s Lookers is still pending.
