Penske Automotive shares accelerate on take-private offer

** Penske Automotive Group PAG.N shares rise as much as 12.2% to an intraday record high of $219.09 on Wednesday after its controlling shareholders offered to take it private for $210/sh

** The auto dealership chain's stock was last up 10.3% at $215.27

** The cash offer comes from Penske Corp and Mitsui & Co 8031.T, with the total estimated acquisition cost at $3.8 bln

** Transportation company Penske Corp currently owns over 52% of PAG, while Japanese trading house Mitsui holds over 20%

** PAG shares have now surged about 36% year to date, outperforming the S&P 400 Automotive Retail index's .SPMDCAUTR roughly 22.5% advance; the stock surpassed its previous all-time peak of $207.22 from July 16

** The average rating of 12 analysts is "buy"; median PT $199, per LSEG data