Termination of Discussions

RNS Number : 4011J

Lookers PLC

29 June 2011

 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

FOR IMMEDIATE RELEASE

Termination of Discussions

29 June 2011

Lookers plc ("Lookers" or the "Company") notes the announcement by Trefick Limited, Moor Park Capital Partners LLP and Brett Palos Capital No. 2 Limited ("the Consortium") that it has no intention to make an offer for Lookers.  Accordingly, Lookers is no longer in an offer period for the purposes of the City Code on Takeovers and Mergers.

The Company confirms that earlier today it received an indicative proposal, subject inter alia to financing and further due diligence, from the Consortium at a level materially below that previously indicated of 80 pence per Lookers share.  The Board considered the proposal and unanimously resolved not to pursue this revised reduced proposal.  The Board remains committed to the continued development of the Company for the benefit of all its shareholders and stakeholders in the business.

Note 7 of Rule 2.4 of the City Code on Takeovers and Mergers requires the Company to clarify that this statement is being made by the Company without prior agreement with the Consortium.

A copy of this announcement will be available at http://www.lookersplc.com

The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

Contacts:

Lookers plc	0161 291 0043
Peter Jones
Robin Gregson
Rothschild	0161 827 3800
Financial adviser to Lookers
Richard Bailey
Bod Buckby
Hudson Sandler	0207 796 4133
Nick Lyon
Kate Hough

N M Rothschild & Sons Limited ("Rothschild"), which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for the Company and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than the Company for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.

 

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