Top10 AM100 car dealer group Lookers has rejected a "highly speculative informal" takeover approach.
The group made an announcement following movements in its share price.
City insiders believes Jack Petchey, the motor property investor and his investment vehicle Trefick made the approach to buy Lookers. Trefick has a 17.3% stake in Lookers.
Lookers' statement said: "In response to the recent movement in its share price and media speculation, Lookers confirms that it received a highly speculative informal approach regarding a possible offer for the company.
"This approach has been firmly rejected by the board, which is not aware of any other reason for the movement in the company's share price.
"However, the rejected proposal constitutes an approach for the purposes of the Takeover Code and therefore places the company in an offer period.
"A further announcement will be made when appropriate."
It follows a report in London's Evening Standard on City rumours that two private equity firms and Inchcape are interested in Lookers.