LKQ Corp. said Friday that it will not raise its $48 per-share offer for Keystone Automotive Industries Inc. because the current price is a “substantial premium” for shareholders.

The deal, announced in July, values the auto rim manufacturer at $797 million based on the Pomona company’s 16.6 million outstanding shares.

LKQ President and Chief Executive Joseph Holsten said in a statement that the company has been negotiating the deal for more than four months and raised its offer price five separate times. When the deal was announced it represented a 10 percent premium on Keystone’s share price the day before the offer was made. There have been no competing offers made.

Holsten added that LKQ cannot raise the standing offer any further because terms of the company’s credit commitment does not allow it. Keystone shareholders will vote on the acquisition offer at a meeting on Oct. 10 and the deal is expected to close on Oct. 12.

The deal has faced opposition from Rockhampton Management UK LLP, which holds a 4 percent stake in Keystone. Rockhampton said it will vote against the acquisition, saying any price below $75 per shares in “unacceptable.”

Shares in Keystone were down 4 cents to $47.76 in Friday afternoon trading on the Nasdaq.