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Updated · CNBC · Oct 15
Penske Automotive Agrees to $212-a-Share Buyout, Jumping 8% on 9% Premium 3 articles · Updated · CNBC · Oct 15 Summary
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Summary
Penske Automotive rose 8% premarket after saying Motown Acquisition Corp. will take it private for $212 a share in cash.
The offer values the stock at nearly a 9% premium to Wednesday's $194.79 close, signaling buyer confidence despite a weaker broader tape.
Motown Acquisition is owned by Penske Corp. and Mitsui , tying the deal to existing strategic backers rather than a new outside bidder.
The transaction is expected to close in the first quarter of 2027, leaving shareholders facing a relatively long path to completion.
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