Reg Vardy has recommended an 800p a share offer from Pendragon. The paper reported that the Lookers board met on Thursday to discuss backing from banks, including HBOS, to see Pendragon’s offer and raise it to 830p per share.
Despite the fierce stock market battle, a hostile takeover from Lookers seems unlikely, according to the Reg Vardy chief executive Sir Peter Vardy.
He said: "They don't need to go hostile. If they want to bid, they can bid. There are plus points to both bids. If Lookers bids, it will have the scale with us to compete with Pendragon.
"We were talking to Lookers before Pendragon came in and said they will make an offer. We are waiting to see what will happen."