Penske Automotive Gets Buyout Offer From Its Controlling Shareholders – Merger Arbitrage Mondays

Penske Automotive Group, Inc. (PAG): $217.35

Market Cap: $14.29 B

Offer Value: $13.8 B

Instead of writing about a deal with a definitive merger agreement, we decided to focus on a pre-deal situation that we found more interesting because minority shareholders could potentially end up with a higher price than the initial proposal.

Penske Corp. and Mitsui made an unsolicited, preliminary, and non-binding proposal to buy out Penske Automotive Group in a deal that values the company at $13.8 billion.

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