Penske Automotive Group Announces Additional Securities Repurchase Authority Of $250 Million
18 February 2023
Penske Automotive Group, Inc.a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced that its Board of Directors delegated to management $250 million in authority to repurchase the Company's outstanding securities. This repurchase authority is in addition to previously announced repurchase authority, of which $3.6 million remained outstanding as of February 7, 2023. The authority has no expiration. In 2022, the Company repurchased 8.2 million shares of its common stock, representing approximately 10.6% of the Company's shares outstanding at the beginning of 2022, for an aggregate purchase price of $886.5 million. From January 1, 2023, through February 7, 2023, the Company repurchased 0.6 million shares for an aggregate purchase price of $70.7 million.
Under the securities repurchase program, the Company may, as market conditions warrant, purchase its outstanding common stock or debt on the open market, in privately negotiated transactions, via a tender offer, through a pre-arranged trading plan, pursuant to the terms of an accelerated share repurchase program, or by other means. The decision to make repurchases will be based on factors such as general economic and industry conditions, the market price of the relevant security versus the Company's view of its intrinsic value, the potential impact of such repurchases on the Company's capital structure, and the Company's consideration of any alternative uses of its capital, such as for acquisitions, the repayment of existing indebtedness, and strategic investments in its current businesses, in addition to any then-existing limits imposed by the Company's finance agreements and securities trading policy. The program does not require the Company to repurchase any specific number of securities, and may be modified, suspended or terminated at any time without further notice.