Penske Automotive Raises Quarterly Dividend to $1.46 Per Share

Penske Automotive Group raised its quarterly dividend to $1.46 per share, adding a payout increase as the company advances toward a proposed $212-per-share cash buyout by Motown Acquisition Corp.

The new rate is $0.02, or 1.4%, above the previous $1.44 quarterly dividend. Shareholders of record Nov. 13 are scheduled to receive the payment Dec. 1. The new dividend equals $5.84 per share on an annualized basis.

Under the proposed acquisition, shareholders outside the buyer group would receive $212 per share in cash. Motown Acquisition Corp. is owned by Penske Corporation and Mitsui & Co., Ltd. The parties are targeting completion during the first quarter of 2027, contingent on regulatory clearance, shareholder approval and other closing conditions.

Penske Automotive expects to keep paying regular quarterly dividends until the transaction closes. Each payment would be capped at $0.02 per share above the preceding quarter’s rate. A dividend for a partial quarter could be prorated.