Penske Automotive receives $210/share take-private proposal from Penske Corp and Mitsui

PENSKE AUTOMOTIVE GROUP, INC.

Proposal from Penske Corp and Mitsui to acquire remaining shares at $210/share cash.
Penske Corp and Mitsui currently own 72.6% of PAG outstanding common stock.
Implied equity value ~$13.8B, premium of 19.3% to 60-day VWAP and 25.4% to 90-day VWAP.
Board forms special committee of independent directors to evaluate the proposal.
No financing condition; PC-Mitsui highly confident in arranging debt financing.

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