Lookers says Pendragon move undervalues prospects

Newswire

LONDON, Jan 27 (Reuters) - Car dealer Lookers Plc said on Friday an approach from Pendragon Plc about a possible deal involving the two companies and rival Reg Vardy Plc fundamentally undervalued its prospects. Britain's largest car dealer Pendragon had proposed resolving a bid battle for Reg Vardy by pressing ahead with its offer for the firm and merging with rival bidder Lookers. On Jan. 17, Lookers unveiled an agreed 492 million pound ($875 million), or 875 pence a share, takeover of ...

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