CAR dealership Lookers last night rejected a hostile offer worth £258.8m from a rival.
The bid, from Pendragon, of Nottingham, came days after the company completed its acquisition of Sunderland-based Reg Vardy for £506m.
Lookers said in a statement: "The board of Lookers has no hesitation in unanimously rejecting this inadequate all-share offer."
Pendragon shocked the City in January by revealing it was looking at a three-way deal to buy both firms, but Lookers rejected the initial offer.
Pendragon said the offer valued each Lookers share at about 725p, compared with the 509p seen prior to its interest in the company becoming known. It had been set a deadline of today to announce its intentions.
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