Penske Corp. and Mitsui propose $3.8 billion buyout of Penske Automotive Group

Penske Automotive Group said controlling shareholders Penske Corp. and Mitsui have offered $210 a share in cash to take the auto dealership chain private, a transaction Mitsui estimated would cost about $3.8 billion. The company said the approach is unsolicited, preliminary and non-binding, meaning no definitive agreement has been reached and key terms, financing, due diligence and approvals would still need to be completed. Penske Automotive's board has formed a special committee of disinterested and independent directors to review the proposal. Penske Corp., Mitsui and their affiliates collectively beneficially own 72.6% of the company's outstanding common stock, and shareholders were told no action is needed at this time.