Penske Automotive Group, Inc. (PAG) shares surged 9.9% to close at $214.57 after Penske Corporation and Mitsui & Co. made an unsolicited offer to acquire the remaining shares of the company for $210 per share in cash. Currently, Penske and Mitsui own 72.6% of Penske Automotive’s outstanding stock. This increase comes amid elevated trading volume compared to typical sessions.
Penske is expected to announce quarterly earnings of $3.38 per share, reflecting a year-over-year decline of 10.6%, with projected revenues of $7.93 billion—up 3.4% from the previous year. Despite this, the consensus EPS estimate has been revised slightly lower over the past month, which often signals challenges for stock price appreciation.
In related news, Group 1 Automotive, another player in the auto retail industry, saw its stock increase by 5.2% to $327.93 but has a Zacks Rank of #4 (Sell), with a revised EPS estimate of $10.79, a drop of 6.3% compared to last year.
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