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Lookers put forward a £492m recommend cash offer yesterday, trumping a £450m bid by rival Pendragon last year. Royal Bank of Scotland are providing the finance for Lookers.
Corporate partner Michael Birchall is advising regular client Lookers along with banking partners Amanda Gray and Helen Corner. It is understood that Clifford Chance are acting for RBS.
Addleshaws is a regular adviser to Lookers. In 2004 it acted on the acquisition of FPS Distribution, which delivers automotive parts.
The offer now goes to a shareholder vote at a meeting expected in February. Meanwhile Pendragon is considering its options. CMS Cameron McKenna won the mandate to advise the company led by corporate partner Mike Jones and finance partner Will Meredith.