Penske Automotive Group announced that Penske Corporation and Mitsui & Co. have submitted a non-binding proposal to acquire the remaining free-float shares of PAG at $210 per share in cash, valuing the deal at about $13.8 billion and implying a significant premium to recent trading levels. The consortium already holds roughly 72.6% to 72.3% of PAG, depending on the source, and the PAG board has formed a special committee of independent directors to review the proposal and engage advisers. The offer is contingent on negotiations of definitive agreements and does not create any legal obligations unless such agreements are executed, with PAG shareholders not required to act at this stage. Financing plans include new equity from the investors and third-party debt to fund the acquisition; the commenters note the total estimated acquisition cost around $3.8 billion related to the float, though total calculations vary by source. PAG confirmed receipt of the unsolicited proposal and stated the board will assess the terms while continuing to provide further comment as appropriate and within the regulatory framework. The development marks one of the six publicly traded dealer groups under consideration for privatization and highlights ongoing corporate governance considerations as the special committee weighs potential impacts on governance, public investors, and strategic direction.