Penske Automotive Group (PAG) has released an update to notify the public and investors about an entry into a material definitive agreement.
Penske Corporation holds a 51% stake in our company and has entered into a voting agreement that stipulates how they will vote their shares. Under this agreement, they will vote their excess shares above 43.57% in line with the majority of other stockholder votes, while retaining discretion for the remaining shares. This agreement remains in effect as long as Penske Corporation owns at least 30% of the company. Additionally, a separate shareholders agreement exists with Mitsui regarding the election of directors, which is unaffected by the new voting agreement.
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