Penske Automotive Group, Inc. (NYSE: PAG) has filed a registration statement with the Securities and Exchange Commission for a proposed secondary offering of up to 5.75 million shares of common stock by Penske Corporation. PAG will not sell any shares in the offering or receive any proceeds, and the offering will not be dilutive to PAG stockholders.
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Roger Penske is not selling any of the PAG stock he personally owns and upon completion of the offering he is expected to own directly and through Penske Corporation, 31.7 million shares of PAG's outstanding common stock.
About Penske Automotive
Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, operates 310 retail automotive franchises, representing 40 different brands and 25 collision repair centers.
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