UPDATE 3-Lookers spurns proposed three-way merger


(Adds Lookers' rejection, Vardy recommendation, quotes) LONDON, Jan 27 (Reuters) - Car dealer Lookers Plc rejected a proposed merger from Pendragon Plc involving the two companies and rival Reg Vardy Plc on Friday, saying it fundamentally undervalued its prospects. Earlier on Friday, Britain's largest car dealer, Pendragon, proposed resolving a bid battle for Vardy by pressing ahead with its offer for the firm and merging with rival bidder Lookers. On Jan. 17, Lookers unveiled an ...

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