An attempt to take car dealership chain Lookers private has been upped in an attempt to keep the deal alive.
It was first announced on June 20 that board and major shareholders of the Altrincham-based business had backed a deal with with Alpha Auto Group, an Ontario-based car dealership chain, which valued Lookers at around £465.4m.
However, a month later Cinch, which holds a stake of around 19.2% in Lookers, said it now planned to vote against the proposed deal.
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Now, Alpha Auto Group has increased its offer to 130p per share which values Lookers at £504.2m.
The new offer is an increase of 8.3% on the original deal.
The Lookers directors have stated they intend to unanimously recommend that the company's shareholders accept the new offer.
Major shareholders TDR Capital, Artemis Investment Management, J O Hambro and Schroder had all signalled that they would back the original deal.
If the deal goes through, Alpha Auto Group will buy Lookers through its Global Auto Holdings Limited, which is owned by Alpha’s founder and referred to as Bidco in the stock exchange filing.