Penske Auto Board Special Panel Approves Deal to Go Private
Dow Jones10-15 19:18
A special committee of independent Penske Automotive Group directors unanimously recommended approval of the $212.00 per share cash buyout by Penske Corporation and Mitsui. Board member David Hoogendoorn, who chairs the committee, said it evaluated the deal against remaining a public company and determined the transaction provides the greatest value for minority shareholders. The deal requires approval from a majority of outstanding shares plus a majority of votes cast by unaffiliated stockholders. The transaction is expected to close in the first quarter of 2027
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