08 June 2011

The deadline set for Jack Petchey’s company Trefick, as part of a consortium of companies, to bid for Lookers plc has been extended following the announcement of an “indicative proposal from the consortium regarding a possible offer” of 80p a share.
While this is not an official offer for the firm it has resulted in the Takeover Panel, the city watchdog, to move the deadline for a bid to 5pm on 29 June.


The other parties in the consortium are Moor Park Capital Partners and Brett Palos Capital.
The 80p figure was disclosed in a statement by Lookers minutes before the 5pm deadline on 8 June. The statement made no comment on whether the indicative proposal was being considered or had been rejected by the board. Shares in Lookers closed up 6p on the day at 70p a share.
Lookers bid talks were first confirmed on 27 April by the board and were described as “highly speculative”.
Trefick is the investment vehicle of Jack Petchey and currently owns 66,224,910 ordinary shares in Lookers, representing 17.3 per cent of the total shares in issue.
Moor Park is an independent real estate private equity investment advisory firm, with  around €2.0 billion of real estate assets under management.
Brett Palos is an active venture capitalist and real estate investor. He has extensive investments in commercial and residential property.

Tags: bid, Lookers, Petchey, shares, Trefick