The consortium considering a takeover bid for Lookers has been given an extra few weeks to put together a firm offer for the dealer group.

Trefick, Moor Park and Brett Palos originally had been set a deadline of 5pm on June 8 by the Stock Market’s Takeover Panel to announce their firm intention of an offer.

Following representations made by the advisers to Lookers, and having consulted with the advisers to the Consortium, the Panel Executive has ruled that the deadline should be extended to 5.00 pm on June 29.

No further extension to this deadline will be granted, except with the consent of the Panel Executive.

Lookers confirmed that it has received an indicative proposal from the consortium regarding a possible cash offer for Lookers at 80p per share.

Its stock was valued at 70p per share at close on the day of Lookers’ confirmation.