Penske Automotive Group Inc. (NYSE: PAG) has agreed to be taken private by its two largest shareholders, Penske Corp. and Mitsui & Co. Ltd., which will pay $212 per share in cash for the stock they do not already own. The deal, announced Oct. 15, values the Bloomfield Hills, Michigan-based dealership group at an enterprise value of approximately $16.3 billion.
The buyer, Motown Acquisition Corp., is owned by Penske Corp. and Mitsui. On completion, Penske Corp. will hold approximately 64% of the company and Mitsui 36%, up from 52.1% and 20.3%, respectively, according to a Mitsui statement filed with the
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