BUZZ — Penske Automotive rises after agreeing to be taken private by Penske, Mitsui
* Shares of Penske Automotive Group up ~8% at $211.23 premarket * Co says it agrees to be taken private by its largest shareholders, Penske Corp and Japan's Mitsui, in a deal valuing the company at about $16.3 billion, including debt * PAG says the $212 per share purchase price represents an 8.6% premium to its July 21 close, a day before initial proposal was made public * Following the deal, which is expected to close in Q1 2027, Penske Corp will own about 64% of the company and Mitsui about 36% * Co says it will release Q3 2026 results on October 28, but will not hold an earnings call because of the pending transaction * Up to last close, PAG up about 23% YTD (Reporting by Shania S Thomas in Bengaluru) ((shanias.thomas@thomsonreuters.com)
* Shares of Penske Automotive Group up ~8% at $211.23 premarket * Co says it agrees to be taken private by its largest shareholders, Penske Corp and Japan's Mitsui, in a deal valuing the company at about $16.3 billion, including debt * PAG says the $212 per share purchase price represents an 8.6% premium to its July 21 close, a day before initial proposal was made public * Following the deal, which is expected to close in Q1 2027, Penske Corp will own about 64% of the company and Mitsui about 36% * Co says it will release Q3 2026 results on October 28, but will not hold an earnings call because of the pending transaction * Up to last close, PAG up about 23% YTD (Reporting by Shania S Thomas in Bengaluru) ((shanias.thomas@thomsonreuters.com)