Penske Corp. and Mitsui have submitted a non-binding proposal to acquire the remaining shares of Penske Automotive Group, aiming to take the auto dealership chain private in a deal valued at approximately $3.78 billion. The offer is set at $210 per share.

These two entities currently hold a significant stake, beneficially owning nearly 73% of Penske Automotive's outstanding stock. The proposed buyout would involve acquiring roughly 18 million additional shares. Penske Corp. is the majority shareholder with approximately 34.3 million shares, while Mitsui owns 13.3 million shares out of the total 65.7 million.

Both Penske Corp. and Mitsui have indicated their intention to remain long-term shareholders, irrespective of the buyout's outcome. The proposal is now under review by the Penske Automotive Group board.