PENSKE AUTOMOTIVE GROUP, INC. [PAG] - Penske Automotive Group / Buyer merger agreement
Penske Automotive Group has entered into a definitive merger agreement with Buyer, with plans to seek shareholder approval through a preliminary proxy statement.
Why this matters
Penske Automotive Group, a leading player in the retail auto dealership and gasoline station industry, has entered into a definitive merger agreement to be taken private by Motown Acquisition Corp., an entity owned by Penske Corporation and Mitsui Co., Ltd. This strategic move will see Penske Automotive Group's common stockholders, excluding Penske Corporation, Mitsui, and other investor group members, receive $212.00 per share in cash, valuing the company at approximately $16.3 billion. The transaction represents a premium of 8.6% over the closing price on July 21, 2026, and higher premiums over the 60-day and 90-day volume-weighted average prices. Upon completion, Penske Corporation will hold 64% ownership, while Mitsui will hold 36%, transitioning the company to a privately held entity.