July 23, 2026 -- Main Contents
Mitsui & Co., Ltd. (Head Office: Tokyo, President and CEO: Kenichi Hori) and its wholly owned subsidiary Mitsui & Co. (U.S.A.), Inc. (together, “Mitsui”), and Penske Corporation ("PC”), acting on behalf of itself and its wholly owned subsidiary Penske Automotive Holdings Corp. (collectively, the “PC-Mitsui Investors”), today, determined to submit and submitted a non-binding proposal (the “Proposal”) to acquire all of the free-float shares of common stock of Penske Automotive Group, Inc. (NYSE: PAG) (“PAG”).
Questions around this news
Which shares does the proposal seek to acquire?
The proposal covers all free-float shares of common stock in Penske Automotive Group, Inc. The release identifies the company as listed on the New York Stock Exchange under the symbol PAG; it does not describe the number of shares covered.
What does a non-binding acquisition proposal mean?
A non-binding proposal expresses a party’s interest in pursuing a transaction but does not, by itself, create a final obligation to complete it. The parties may continue discussions, revise or reject the proposal, or seek to negotiate definitive terms, subject to any separate agreements or applicable requirements.
Does the announcement mean the shares have already been acquired?
No completed acquisition is announced. The release says the PC-Mitsui Investors determined to submit, and submitted, a proposal to acquire the shares; it characterizes that proposal as non-binding. It does not report that a purchase has closed.
Attachment
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Terms explained
- Non-binding proposal
- A proposed course of action that does not, on its own, legally require the parties to carry it out. It may be a starting point for negotiation.
- Free-float shares
- Shares of a company that are generally available for public trading, rather than closely held or otherwise restricted from routine trading.
- Common stock
- A type of ownership share in a corporation. It commonly carries voting rights and may entitle holders to dividends if declared.
- Wholly owned subsidiary
- A company whose entire ownership is held by another company, known as its parent.
