Penske Automotive Retains Paul, Weiss to Review Unsolicited Acquisition Offer

Paul, Weiss is advising a special committee of Penske Automotive Group’s board of directors as the committee reviews an unsolicited take-private acquisition offer from Penske Corporation and Mitsui & Co., who collectively own in excess of 70% of Penske Automotive. The preliminary, non-binding offer, which values Penske Automotive at an enterprise value exceeding $18 billion, proposes that Penske Corporation and Mitsui acquire all shares of New York Stock Exchange-listed Penske Automotive that they do not already own for $210 per share, or $3.8 billion in cash. Penske Automotive is one of the world’s premier automotive and commercial truck retailers, operating dealerships on four continents and employing over 28,600 people.

The Paul, Weiss team is led by partners Andre Bouchard, Jeffrey Marell, Blake Rohrbacher and Lara Solomons.