Penske Automotive Raises Quarterly Dividend to $1.46 Per Share

Penske Automotive Group raised its quarterly dividend to $1.46 per share, adding a payout increase as the company advances toward a proposed $212-per-share cash buyout by Motown Acquisition Corp. The new rate is $0.02, or 1.4%, above the previous $1.44 quarterly dividend. Shareholders of record Nov. 13 are scheduled to receive the payment Dec. 1. The new dividend equals $5.84 per share on an annualized basis. Under the proposed acquisition, shareholders outside the buyer group would receive $212 per share in cash. Motown Acquisition Corp. is owned by Penske Corporation and Mitsui & Co., Ltd.

Source: TokenPost