The deal, which received unanimous approval from a special committee of independent directors, represents a premium of roughly 8.8% over the company’s closing price on October 14. Upon completion, expected in the first quarter of 2027, the company will be held 64% by Penske Corporation and 36% by Mitsui. Roger Penske, chair and CEO, stated that the move marks a new chapter for the retailer, allowing the firm to leverage its long-standing partnership with Mitsui to drive innovation away from the pressures of public equity markets.

Shareholders will continue to receive regular quarterly dividends until the merger closes, alongside potential pro-rated payouts. Once the transaction concludes, the company will cease trading on the New York Stock Exchange. The move is subject to standard regulatory approvals and a majority vote from shareholders, though the agreement is not contingent on external financing. Ahead of the transition, the company will release its third-quarter 2026 financial results on October 28 without hosting a traditional earnings conference call.