Penske Automotive Group Shares Rise Nearly 9% After $212 Buyout Pact

Penske Automotive Group shares rose nearly 9% Thursday after the company agreed to a $212-per-share cash buyout by Motown Acquisition Corp., owned by Penske Corporation and Mitsui & Co., Ltd. Eligible common stockholders other than investor-group members would receive $212 per share in cash. The offer represents an 8.84% premium to the Oct. 14 closing price. Penske Automotive expects to continue regular quarterly dividend payments while the deal is pending. Each payment would be capped at $0.02 per share above the prior quarter’s rate, and a dividend covering part of a quarter could be prorated. The company’s quarterly dividend was recently raised to $1.46 per share from $1.44, as detailed in its dividend increase announcement . The parties are targeting completion in the first quarter of 2027.

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