彭斯克与三井拟38亿美元私有化彭斯克汽车集团

Penske Automotive, one of the largest publicly traded auto dealership groups in the United States, may soon delist from the New York Stock Exchange. This long-established dealership, which went public during the industry's IPO boom of the 1990s, is facing a critical juncture of privatization.

According to Automotive News, Penske Automotive and Japanese trading company Mitsui & Co. jointly announced on July 22 that they will acquire approximately 28% of the outstanding shares of Penske Automotive Group that it does not already own for a total price of $3.8 billion, thus taking the company private. If the deal is approved, Penske Automotive Group will end its decades-long history as a publicly traded company.

As of April, Penske Corporation held approximately 52% of Penske Automotive Group, while Mitsui & Co., Ltd., as a long-term shareholder, held approximately 20%, bringing their combined stake to 72%. The tender offer targets the remaining 18.2 million ordinary shares at $210 per share, representing a premium over the previous 30-day average price, although the specific premium was not disclosed.

The market's focus is on the minority shareholder vote. Analysts point out that although Penske, as the controlling shareholder, holds a dominant position, according to US corporate governance practices, such tender offers still require the support of a majority of minority shareholders. Furthermore, some institutional investors have suggested that the current offer of $210 per share may not be sufficient to meet their valuation expectations, and Penske and Mitsui & Co. may need to raise their offer to secure enough votes.

Furthermore, industry insiders have begun to discuss the chain reaction: if the transaction goes through, Penske Automotive Group will become the first major dealer group to be delisted. Whether its five listed peers—Asbury Automotive Group, Annotion, FAW Group, Lycia Automotive, and Sonic Automotive—will follow suit and initiate privatization procedures remains unclear, but it has already attracted continuous attention from the capital market.