Penske Automotive Group

A special committee of Penske Automotive has appointed Moelis & Company as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison as legal counsel to review an unsolicited offer from Penske Corporation and Mitsui. The preliminary proposal would be a cash purchase of the outstanding common shares not already owned by the bidders at $210 per share. There is no certainty an agreement will be reached; the company is currently advising shareholders to take no action and will disclose developments only as required. » Mere på de.investing.com

Penske Automotive reported adjusted EPS of $3.62 versus a consensus of $3.48 and revenue of $8.5 billion (expectation $7.97 billion). New- and used-vehicle deliveries exceeded 125,000 units (+5%) and same-store retail sales rose 6%. At the same time, a non-binding takeover offer from Penske Corporation and Mitsui for the remaining roughly 27% of shares ($210 per share), along with raised analyst targets, provided support; the stock hit a 52-week high of $222. » Mere på de.investing.com

Penske Corp. and Mitsui & Co. submitted an unsolicited cash offer of $210 per share to take Penske Automotive Group fully private. The two major shareholders already own about 73% of the stock, increasing the chances of a successful buyout. Penske Automotive operates more than 470 locations in the U.S. and Europe and generates steady revenue from vehicle sales as well as maintenance, parts, rentals and financial services. » Mere på finanzen.net

Penske Corporation and Mitsui are offering $210 in cash per share for the remaining 27.4% of Penske Automotive’s outstanding common stock; together they already hold 72.6%. The board has formed a special committee of independent directors to review the preliminary, non‑binding offer and may retain independent advisers. There is no guarantee the transaction will close; shareholders are advised not to take any action at this time. » Mere på de.investing.com

Penske Corporation and Mitsui have submitted a cash offer of $210 per share for the publicly traded float of Penske Automotive Group, valuing the float at about $3.8 billion. The offer is roughly 7.6% above the previous day's close and above the 52‑week high, but is non‑binding and must be reviewed by the board. A special committee of independent directors could be appointed to evaluate the conflict of interest. PAG's upcoming Q2 results on July 29 could influence minority shareholders' negotiating position. » Mere på de.investing.com