secwatch.observer — SEC 8-K summary
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Issuer:     PENSKE AUTOMOTIVE GROUP, INC. (PAG)
CIK:        0001019849
Form:       8-K
Filed at:   2026-10-15T10:59:40+00:00
Accession:  0001140361-26-039664
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.90
Item codes: 1.01, 2.03, 5.02, 8.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

Penske Automotive to be taken private by Penske Corp and Mitsui for $212.00 per share in cash
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- PAG to be acquired by Motown Acquisition Corp (owned by Penske Corp and Mitsui) for $212.00/share in cash; merger agreement dated Oct 15, 2026.
- Investor Group owns ~72.6% of PAG shares; post-close PC and Mitsui expected to own ~64% and 36%; PAG will delist from NYSE and deregister.
- Special Committee, advised by Moelis, unanimously found merger fair; Board approved with affiliated directors recused; requires majority of outstanding shares plus majority of disinterested votes.
- Termination fees: $383.0M payable by PAG if it exits for a superior proposal; $488.0M reverse termination fee payable by Buyer if it breaches or fails to close.
- Financing: up to $2.2B equity from PC/Mitsui; up to $1.8B debt from JPMorgan, BofA, Wells Fargo. U.S. credit agreement increased to $2.4B from $1.5B; $606.0M borrowings as of Oct 12, 2026.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1019849/000114036126039664/0001140361-26-039664-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1019849/000114036126039664/ef20083688_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-26-039664

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer