Penske Automotive shares accelerate on take-private offer
BUZZ-Penske Automotive shares accelerate on take-private offer ** Penske Automotive Group PAG.N shares rise as much as 12.2% to intraday record high of $219.09 on Weds after its controlling shareholders offered to take it private for $210/sh
** Auto dealership chain's stock 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 co Penske Corp currently owns over 52% of PAG, while Japanese trading house Mitsui holds over 20%
** PAG shares have now surged ~36% YTD, outperforming the S&P 400 Automotive Retail index's .SPMDCAUTR ~22.5% advance; stock surpasses previous all-time peak of $207.22 from Jul 16
** Avg rating of 12 analysts is "buy"; median PT $199, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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Brief: Penske Automotive Group Announces Agreement To Be Taken Private By Penske Corporation And Mitsui & Co.