Penske Automotive Shares Rise 8.5% After $212 Cash Buyout Deal
Penske Automotive shares rose approximately 8.50% to $211.34 after the company agreed to a $212-per-share cash buyout, leaving a 66-cent gap to the payout.
Penske Automotive, the NYSE:PAG vehicle-dealership operator, rose approximately 8.50% to $211.34 at approximately 12:40 p.m. ET on October 15 after agreeing to a cash buyout at $212 per share. The trading price was 66 cents below the payout. The major share-price move has already occurred.
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