Penske Automotive enters voting agreement capping Penske Corp's voting power at 43.57%; shareholder lawsuit dismissed

PENSKE AUTOMOTIVE GROUP, INC.

Penske Corporation (owns 51% of PAG voting stock) agreed to vote shares above 43.57% proportionally with other shareholders.
Voting agreement terminates when Penske Corp's beneficial ownership falls below 30% of outstanding voting securities.
Shareholder derivative lawsuit over 2021-2023 stock repurchase programs voluntarily dismissed as moot.
Governance change addresses concerns about controller attaining majority voting control without paying premium.

item 1.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PENSKE AUTOMOTIVE GROUP, INC. entered into Voting Agreement with Penske Corporation (effective 2024-01-23).

Action: entry
Counterparty: Penske Corporation
Effective: 2024-01-23

Exact text from the filing

Penske Corporation (“PC”) currently beneficially owns 34,181,121 shares of our Voting Common Stock, representing 51% of our outstanding Voting Common Stock.

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PENSKE AUTOMOTIVE GROUP, INC. filing history →

Source: SEC EDGAR

accession 0001019849-24-000010

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