Penske Automotive Group Shares Rise Nearly 9% After $212 Buyout Pact

Penske Automotive Group shares rose nearly 9% Thursday after the company agreed to a $212-per-share cash buyout by Motown Acquisition Corp., owned by Penske Corporation and Mitsui & Co., Ltd.

Eligible common stockholders other than investor-group members would receive $212 per share in cash. The offer represents an 8.84% premium to the Oct. 14 closing price.

Penske Automotive expects to continue regular quarterly dividend payments while the deal is pending. Each payment would be capped at $0.02 per share above the prior quarter’s rate, and a dividend covering part of a quarter could be prorated.

The company’s quarterly dividend was recently raised to $1.46 per share from $1.44, as detailed in its dividend increase announcement.

The parties are targeting completion in the first quarter of 2027. The transaction remains subject to regulatory clearance, shareholder approval and other closing conditions.