Why did Lookers shares jump 34% today?

 Car dealership Lookers (LSE: LOOK) saw a surge of 34%, with its shares closing at 118.55 pence, following news of a £465 million buyout offer from Canadian firm Alpha Auto Group.

Alpha Auto Group, a privately owned Canadian car dealer network, secured the deal which is expected to value Lookers at approximately 120p per share – offering a substantial premium over its Monday closing price of 88.7p.

The bidding vehicle responsible for the acquisition bid is Global Auto Holdings Limited. Established in 2014, the Canadian company operates seven sites in the US and ten sites in its home market.

Founded in 1908 by John Looker, Lookers has a rich history in the automotive industry. Since its listing on the London Stock Exchange in 1973, Lookers has been selling cars from various manufacturers, including Jaguar, Kia, and Maserati, among others. With around 150 trading sites, Lookers has maintained a strong presence in the market.