Mitsui & Co. has jointly proposed with U.S.-based Penske Corporation to take Penske Automotive Group private through the acquisition of all outstanding floating shares. The acquisition price is set at 210 dollars per share, with the total expected to reach 3.8 billion dollars, or approximately 6.19 trillion yen. Mitsui currently holds a 20.3% stake in Penske Automotive Group, while Penske Corporation holds 52%, and the proposal aims to acquire the remaining 27.8% of floating shares. The proposal is non-binding, and any agreement requires approval from a special independent committee of Penske Automotive Group. At this time, no agreement is guaranteed, and both companies reserve the right to modify or withdraw the proposal.
Mitsui & Co.,LtdMitsui proposes to take Penske Automotive private, investing over 600 billion yen, which could consolidate control and potentially increase value.
Penske Corporation jointly proposes to take Penske Automotive private, aiming to acquire remaining floating shares at $210 per share.