British automotive dealership Lookers mentioned that shareholders representing about 25 per cent of its voting rights supposed to oppose a proposed acquisition by International Auto Holdings and the deal was unlikely to succeed.

“Within the occasion that the resolutions (associated to the proposed deal) don’t move, because the Lookers administrators now anticipate, the scheme of association will lapse and Lookers will stay an unbiased listed firm,” the British firm mentioned in an up to date assertion following an preliminary disclosure earlier than the market opened.

Shares in Lookers declined additional after the second assertion, sliding as a lot as 17 per cent to 98.8 pence ($1.68), and have been buying and selling about 15 per cent down earlier on Thursday.

Final month, International Auto Holdings, an entity associated to privately-owned Canadian automotive supplier firm Alpha Auto Group, mentioned it will purchase Lookers for about 465.4 million kilos ($780 million) in money, pending shareholder approval.

Courtroom and common conferences to hunt approval for the proposed deal are scheduled to be held on July 27.

Earlier on Thursday, Lookers mentioned it was in talks with a few of its buyers to evaluate how they might vote after high shareholder Cinch Holdco UK mentioned it will oppose the deal.

International Auto Holdings mentioned in a separate assertion on Thursday that Cinch had withdrawn its letter of intent and supposed to vote in opposition to the acquisition.

Lookers mentioned it will proceed to “pursue constructive engagement” with all shareholders, together with Cinch, which holds a stake of 19.52 per cent within the London-listed firm.

Lookers is Europe’s fifth-largest auto retail group, in response to Automotive Information Europe‘s Information to Europe’s Largest Sellers.