An Altrincham business is set to be sold after its board agreed to a takeover worth almost half a billion pounds.

Lookers PLC runs more than 150 car dealerships across the country from its headquarters off Manchester Road.

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On June 20, the business said it is set to be sold to Alpha Auto, a chain of car dealerships with its headquarters in Ontario, Canada. It still needs sign-off by shareholders.

The deal is understood to be in the region of £465 million, or 120p per share, around 35 per cent more than the share price when trading started at the start of this week.

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Lookers PLC chairman Paul Van der Burgh said: "After a period of extensive engagement between the parties, the offer represents an attractive opportunity for our shareholders to realise cash now for their investment at a premium to the share price. We have spent considerable time reviewing the potential impact on Lookers' stakeholders and we are confident the commitments given by them will protect their interests.

"[Alpha Auto] outlined its commitment to continue supporting our customers, operations, communities, and most importantly our talented and committed people."

Founded in Manchester 115 years ago by John Looker, the business made a pre-tax profit of almost £85 million last year. It employs around 6,500 people across the UK.

This article was written by Jack Tooth. To contact him, email jack.tooth@newsquest.co.uk or follow @JTRTooth on Twitter.