AcquisitionsAug 10, 2026, 05:08 PM
Penske Auto Special Committee Hires Advisors for Take-Private Bid
AI Summary
Penske Automotive Group, Inc.'s special committee of independent directors has retained Moelis & Company LLC as its independent financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP as its independent legal counsel. These advisors will assist in reviewing an unsolicited, preliminary, and non-binding proposal from Penske Corporation and Mitsui & Co., Ltd. to acquire the remaining shares of the Company's common stock for $210 per share in cash. The Company stated there is no assurance that an agreement will be reached regarding the proposal.
Key Highlights
- Special Committee retained Moelis & Company LLC as independent financial advisor.
- Special Committee retained Paul, Weiss, Rifkind, Wharton & Garrison LLP as independent legal counsel.
- Advisors hired to review unsolicited take-private proposal from Penske Corporation and Mitsui & Co., Ltd.
- Proposal is to acquire remaining common stock shares not currently owned.
- Cash consideration offered in the proposal is $210 per share.
- The preliminary and non-binding proposal was dated July 22, 2026.
- No assurance an agreement relating to the proposal or any transaction will be reached.
Price Impact
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