Bramall bought the holding from Hamilton Finance, a subsidiary of GE Capital for £55.7m (635p per share). Pendragon acquired Bramall's former business, CD Bramall, for £230m in March 2004.
Pendragon said: “The board of Lookers has attempted to persuade its shareholders that Lookers is worth considerably more than the value of Pendragon's offer. Yet Hamilton Finance has sold its shares at a sizeable discount to the value of the Pendragon offer.”
Pendragon's offer remains open until 1pm on Thursday 27 April.