The £504m takeover of Lookers by Global Auto Holdings got the go ahead this week at a shareholders meeting.

Global is paying 130p per share for the company after it revised the offer upwards from 120p, which had been rejected.

In June Canadian dealer group Global Auto Group, a sister company of Group Auto Holdings, tabled a 120p per share offer for the group valuing it at £465m.

The deal was rejected by Lookers biggest shareholder Cinch, which is owned by Constellation.

Global Auto Holdings subsequently offered 130p per share for the group, which Constellation backed.

In a statement posted yesterday Lookers said: “Lookers and Bidco are pleased to announce that at the Court Meeting and the General Meeting, each held earlier today in connection with the Offer the requisite majority of Scheme Shareholders voted in favour of the Scheme at the Court Meeting.

“And the requisite majority of Lookers Shareholders voted to pass the Special Resolution at the General Meeting to approve the implementation of the Scheme, including the adoption of the amended Lookers Articles, and accordingly, the Scheme was approved.”