Mergers & Acquisitions ·
Penske Automotive Group, Inc. received an unsolicited, preliminary, and non-binding proposal from Penske Corporation…
PAGPenske Automotive Group, Inc.
Penske Automotive Group, Inc. received an unsolicited, preliminary, and non-binding proposal from Penske Corporation and Mitsui & Co., Ltd. to acquire the remaining 27.4% of the company's common stock for $210 per share in cash. The proposal implies an equity value of approximately $13.8 billion and represents a premium to recent volume-weighted average prices. The Board has established a special committee of disinterested and independent directors to review and consider the proposal. Penske Automotive Group, Inc. is a diversified international transportation services company and automotive and commercial truck retailer.