Penske Automotive gains as PC-Mitsui investors submit takeover offer

Penske Automotive (PAG) rose 7.8% in premarket trading after PC-Mitsui investors submitted a non-binding offer to the auto dealer's board of $210 per share in cash.

The total estimated cost for PC-Mitsui investors is $3.8 billion, according to a statement on Wednesday. To finance the deal, PC-Mitsui investors are planning to contribute new equity as well as obtain debt financing from one or more third parties. The proposal remains subject to negotiation of, and entry into, definitive agreements on terms acceptable to the PC-Mitsui investors.

PC-Mitsui investors already own 72.2% of Penske's (PAG) common shares.