Penske Automotive rallies after accepting a go-private offer
Penske Automotive Group (PAG) announced that it struck a deal to be taken private by Motown Acquisition Corp., which is an entity owned by Penske Corporation and Mitsui & Co., Ltd.
Under the terms of the merger agreement, holders of Penske Automotive Group common stock, apart from the buyers, will receive $212.00 per share in cash. The enterprise value of the deal is $16.3B.
The board approved the transaction after a special committee of independent and disinterested directors of the Penske Automotive Group (PAG) unanimously recommended that the proposed transaction be accepted.
The transaction is expected to close in the first quarter of 2027, subject to the satisfaction or waiver of closing conditions, including receipt of regulatory approvals and a shareholder vote. The transaction is not subject to a financing condition.
Shares of Penske (PAG) rose 7.8% in premarket trading to $210.00. The stock has been gaining over the last few months amid M&A speculation.
Recommended For You
Register for free to keep reading.
Create a free account to get unlimited breaking news and alerts when your stocks move.
KioskNews shows a cleaned-up reading view extracted from the publisher’s page — the original always lives on their site, not ours.