Penske Automotive receives $210-per-share take-private offer from Penske Corp, Mitsui

Penske Automotive received an unsolicited proposal from Penske Corp. and Mitsui to buy the shares they do not already own for $210 per share in cash.

Penske Corp. and Mitsui collectively control 72.6% of the outstanding common stock through their affiliates.

The board formed a special committee of independent directors to evaluate the approach, retaining outside legal and financial advisers.

No deal terms have been agreed, with no certainty a transaction will be reached.