UPDATE 1-Petchey-led consortium says Lookers rejects proposal

Newswire

* Says proposal fully valued Lookers based on new information recd * Says Lookers not prepared to continue discussions on this basis * Says do not intend to make an offer * Lookers shares drop 17 percent (Adds details, background) LONDON, June 29 (Reuters) - A consortium led by a vehicle of veteran investor Jack Petchey said British car dealership and parts supplier Lookers had rejected a new proposal it put forward following three weeks' due diligence. Shares in Lookers fell 17 ...

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