Shares of Penske Automotive Group soared Wednesday in response to a takeover bid from the the company’s current two biggest owners.
Mitsui & Co. (U.S.A), which owns about 20.3% of Penske Automotive, and Penske Corporation, a privately-held company that owns about 52% of Penske Automotive, announced the bid to acquire the approximately 27.8% of Penske Automotive they do not already own
The deal, if completed, would make Penske Automotive a privately-held company. At approximately 1 p.m., Penske Automotive (NYSE: PAG) was up 10.32% to $215.34. At that price, the stock was up about 23.4% in the last month and 26.2% for the last 52 weeks.
The stock earlier in the day had hit a 52-week high at $218.63. Its 52-week low was $140.12 on March 20. The presence of two companies with the Penske name linked together can make untangling the ownership of Penske Automotive, and what it does, challenging.