Penske Corp. and Mitsui Launch $4 Billion Bid to Take Penske Automotive Private
The offer aims to acquire all outstanding shares of the publicly traded auto dealership chain at $210 per share.
Penske Corp. has partnered with Japanese investment firm Mitsui & Co. to make a joint offer to take Penske Automotive Group Inc. private in a deal valued at approximately $4 billion. The proposal offers $210 in cash for each outstanding share of the auto dealership chain.
Penske Automotive Group operates hundreds of dealerships across the United States and internationally, selling new and previously owned vehicles, and offering related services such as maintenance and repair. The company is one of the largest automotive retailers in the country.
Penske Corp., led by Roger Penske, is a major player in the automotive and motorsports industries, holding a significant stake in Penske Automotive Group. Mitsui & Co. is a large Japanese conglomerate with diverse business interests, including automotive manufacturing and finance.