Late yesterday, the Penske Automotive Group (NYSE: PAG)* announced that it had received an unsolicited, preliminary and non-binding proposal from Penske Corporation (PC) and Mitsui & Co. (Mitsui) to acquire the remaining shares of the Company’s common stock that they and their affiliates do not currently own “for cash consideration of $210 per share.”**
“The Board has established a special committee comprised of disinterested and independent directors to review and consider the Proposal. The special committee is authorized to retain advisors, including independent legal and financial advisors, to assist it in its work. There can be no assurance as to whether an agreement relating to any proposed transaction will be reached or as to the terms thereof if an agreement is reached,” PAG said.
“The Company does not intend to comment further or disclose any developments regarding the Proposal unless and until it deems further disclosure is appropriate or required. The Company’s shareholders do not need to take any action at this time,” PAG said.
A copy of the Proposal is available as an exhibit to PAG’s Current Report on Form 8-K which will be publicly filed today with the Securities and Exchange Commission. PAG stock is currently trading in the $214 a share range, according to Yahoo Finance.
“US stocks were hammered on Thursday as the latest AI spending outlooks from Alphabet (GOOG) and Tesla (TSLA) spooked investors and oil prices surged above $100 in the wake of expanded attacks in the Middle East. The Dow Jones Industrial Average (DJI) dropped 0.9%, meanwhile, and the S&P 500 (GSPC) fell by 1.1%, building on a stock retreat on Wednesday amid a flurry of earnings reports,” Yahoo Finance said this morning.
*AutoInformed on
**Penske Automotive
Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world’s premier automotive and commercial truck retailers. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia and is one of the largest retailers of commercial trucks in North America for Freightliner.
PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. PAG employs more than 28,800 people worldwide.
Additionally, PAG owns 28.9% of Penske Transportation Solutions (PTS), a business that employs ~41,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with more than 387,500 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers.
PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, see the website: www.penskeautomotive.com.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
Take Private Offer Made to Penske Automotive Group!
Late yesterday, the Penske Automotive Group (NYSE: PAG)* announced that it had received an unsolicited, preliminary and non-binding proposal from Penske Corporation (PC) and Mitsui & Co. (Mitsui) to acquire the remaining shares of the Company’s common stock that they and their affiliates do not currently own “for cash consideration of $210 per share.”**
“The Board has established a special committee comprised of disinterested and independent directors to review and consider the Proposal. The special committee is authorized to retain advisors, including independent legal and financial advisors, to assist it in its work. There can be no assurance as to whether an agreement relating to any proposed transaction will be reached or as to the terms thereof if an agreement is reached,” PAG said.
“The Company does not intend to comment further or disclose any developments regarding the Proposal unless and until it deems further disclosure is appropriate or required. The Company’s shareholders do not need to take any action at this time,” PAG said.
A copy of the Proposal is available as an exhibit to PAG’s Current Report on Form 8-K which will be publicly filed today with the Securities and Exchange Commission. PAG stock is currently trading in the $214 a share range, according to Yahoo Finance.
“US stocks were hammered on Thursday as the latest AI spending outlooks from Alphabet (GOOG) and Tesla (TSLA) spooked investors and oil prices surged above $100 in the wake of expanded attacks in the Middle East. The Dow Jones Industrial Average (DJI) dropped 0.9%, meanwhile, and the S&P 500 (GSPC) fell by 1.1%, building on a stock retreat on Wednesday amid a flurry of earnings reports,” Yahoo Finance said this morning.
*AutoInformed on
**Penske Automotive
Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world’s premier automotive and commercial truck retailers. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia and is one of the largest retailers of commercial trucks in North America for Freightliner.
PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. PAG employs more than 28,800 people worldwide.
Additionally, PAG owns 28.9% of Penske Transportation Solutions (PTS), a business that employs ~41,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with more than 387,500 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers.
PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, see the website: www.penskeautomotive.com.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.