The Lookers Group, which includes the Northern Ireland Charles Hurst chain of dealerships, is to be acquired for £465m by Canadian company Alpha Auto Group, an Ontario-based car dealership chain.

The attractive offer of 120p-per-share was 35% more than the market value of the massive UK dealership group at the time of the bid. 

Charles Hurst, is the largest car retailer in the North where it has eight outlets. It also has two outlets in the Republic. 

Lookers chairman Paul Van der Burgh commented, "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 significant premium to the prevailing share price.”