Penske Automotive Group (NYSE: PAG) announced that its special committee of independent directors has retained Moelis & Company LLC as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal counsel to evaluate an unsolicited take-private proposal.

The special committee was formed by the company's board of directors to review a preliminary, non-binding proposal received July 22, 2026, from Penske Corporation and Mitsui & Co., Ltd. The proposal seeks to acquire all remaining shares of Penske Automotive common stock not already held by the two companies and their affiliates at $210 per share in cash.

The company stated there is no assurance that an agreement will be reached or that any transaction will be completed. Penske Automotive said it does not intend to comment further on the proposal unless it determines additional disclosure is appropriate or required, and noted that shareholders do not need to take any action at this time.

Penske Automotive Group, headquartered in Bloomfield Hills, Michigan, operates vehicle dealerships in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia, and employs over 28,600 people worldwide.