Shares of Penske Automotive Group (NYSE: PAG) soared more than 10% on Wednesday after its two largest owners, Mitsui & Co. (U.S.A) and Penske Corporation, announced a bid to acquire the approximately 27.8% of the company they do not already own and take it private, according to a statement reported by FreightWaves.
Mitsui, which owns about 20.3% of Penske Automotive, and Penske Corporation, a privately-held entity that owns about 52%, offered $210 per share, placing an enterprise value of $13.8 billion on the company. At approximately 1 p.m. EDT, the stock was trading at $215.34, up 10.32% on the day, and had earlier hit a 52-week high of $218.63. The 52-week low was $140.12 on March 20, FreightWaves reported.
Deal Structure and Ownership
The bid targets the publicly traded shares not held by the two insiders. Penske Automotive has a limited float; according to its latest 10-K filing, there were just 228 holders of record as of February. The stock is thinly traded, with average daily volume of 303,449 shares; by 1:15 p.m. on announcement day, about 1.6 million shares had changed hands, FreightWaves reported.
The ownership structure also extends into Penske Automotive's truck leasing arm, Penske Truck Leasing. FreightWaves, citing the company's 10-K, detailed the following ownership split:
| Entity | Ownership Stake in Penske Truck Leasing |
|---|---|
| Penske Automotive | 28.9% |
| Penske Corporation (private) | 41.1% |
| Mitsui & Co. | 30% |
Business Overview
Penske Automotive Group is described in its 10-K as “one of the largest global automotive retailers,” with $27.5 billion in automotive dealership revenue last year, according to FreightWaves. Auto and truck dealerships together accounted for 97.1% of total revenue and 80.9% of earnings before taxes in 2025. The company does not break out separate revenue figures for automotive versus truck dealerships.
The company's retail truck sales operation, operated through Premier Truck Group, sold 15,709 units in 2025, down from 16,923 units in 2024. Premier Truck Group primarily sells Freightliner and Western Star trucks, both subsidiaries of Daimler Truck North America, and has 45 retail locations in 10 states and two Canadian provinces, FreightWaves reported.
Financial Context
Penske Automotive pays a dividend of $1.42 per share, recently increased by 2 cents, yielding about 2.9%. The take-private bid at $210 represents a premium over the prior close.
Strategic Rationale
In a statement announcing the proposed offer, Mitsui said it had “supported PAG’s growth strategy since its initial investment in PAG in 2001” and that over that time PAG had “succeeded in diversifying its business domains from passenger vehicle retail only,” according to FreightWaves.
“The automotive industry is experiencing a transformative period due to technological advancements. To appropriately respond to these changes, the PC-Mitsui Investors aim to sustain current operational excellence while innovating and growing PAG’s business. Mitsui will support PAG’s business development and create collaborative projects by leveraging our comprehensive capabilities and network in cross-functional business domains, thereby enhancing PAG’s corporate value.”
A spokesman for Penske Automotive declined to comment on several questions submitted by FreightWaves.
Next Milestone
Penske Automotive’s earnings and conference call with analysts are scheduled for July 29 — the numbers in the morning and the call in the afternoon, FreightWaves reported. The outcome of the bid will likely be discussed then, pending any regulatory approvals or shareholder votes.
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