BUZZ-Penske Automotive shares rise after the company agrees to privatization by Penske and Mitsui Group

October 15 - ** Shares of Penske Automotive Group (PAG.N) rose about 8% in pre-market trading to $211.23

** The company said it has agreed (link) to be taken private by its largest shareholder—Penske Corp—and Japan's Mitsui Group (Mitsui) 8031.T in a deal that values the company at about $16.3 billion (including debt)

** PAG stated that the acquisition price of $212 per share represents an 8.6% premium over the closing price on July 21, the day before the initial proposal (link) was announced

** The transaction is expected to be completed in the first quarter of 2027. Upon completion, Penske Corp will hold about 64% of the company, while Mitsui will hold about 36%

** The company said it will announce its Q3 2026 financial results on October 28, but will not hold a results conference call due to the ongoing transaction

** As of the previous trading day's close, PAG has gained about 23% so far this year

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