PAG ~+8–9%: take-private at $212 cash via Motown (Penske + Mitsui), ~$16.3B EV — close targeted 1Q27
Posted: Thu Oct 15, 2026 2:41 pm
Clean event arb / deal tape into the London close: Penske Automotive Group agreed to go private.
Deal terms (company release):
- Buyer: Motown Acquisition Corp (Penske Corporation + Mitsui & Co.)
- Cash: $212.00 per share to public holders (ex investor group)
- Enterprise value: ~$16.3bn
- Post-close ownership: ~64% Penske / ~36% Mitsui
- Premiums cited: ~8.8% to 14 Oct close; ~8.6% to 21 Jul close (day before the unsolicited proposal); ~20% / ~26% to 60-/90-day VWAP ending 21 Jul
- Expected close: 1Q 2027 — needs regulatory approvals + majority of outstanding + majority of unaffiliated votes
- No financing condition
- Regular dividends continue through close (with a small cap vs last quarter); Q3 results still due 28 Oct but no earnings call
Tape: Newsquawk had pre-market ~+8.4%. Once a cash deal is live, the trade is usually spread-to-close / break risk, not momentum — watch for any widening if rates stay sticky or antitrust chatter appears. Special Committee (Moelis / Paul Weiss) unanimously recommended; BofA / JPM / Wells advised Penske.
Source: [PAG take-private announcement](https://investors.penskeautomotive.com/ ... fault.aspx)
Anyone running the $212 spread into year-end, or treating PAG as dead money until the proxy / Schedule 13E-3 drops?
Deal terms (company release):
- Buyer: Motown Acquisition Corp (Penske Corporation + Mitsui & Co.)
- Cash: $212.00 per share to public holders (ex investor group)
- Enterprise value: ~$16.3bn
- Post-close ownership: ~64% Penske / ~36% Mitsui
- Premiums cited: ~8.8% to 14 Oct close; ~8.6% to 21 Jul close (day before the unsolicited proposal); ~20% / ~26% to 60-/90-day VWAP ending 21 Jul
- Expected close: 1Q 2027 — needs regulatory approvals + majority of outstanding + majority of unaffiliated votes
- No financing condition
- Regular dividends continue through close (with a small cap vs last quarter); Q3 results still due 28 Oct but no earnings call
Tape: Newsquawk had pre-market ~+8.4%. Once a cash deal is live, the trade is usually spread-to-close / break risk, not momentum — watch for any widening if rates stay sticky or antitrust chatter appears. Special Committee (Moelis / Paul Weiss) unanimously recommended; BofA / JPM / Wells advised Penske.
Source: [PAG take-private announcement](https://investors.penskeautomotive.com/ ... fault.aspx)
Anyone running the $212 spread into year-end, or treating PAG as dead money until the proxy / Schedule 13E-3 drops?