Penske Automotive Group declared a quarterly cash dividend increase to $1.46 per share and agreed to a $16.3 billion all-cash buyout deal to be taken private. The offer, valued at $212 per share, caused the company's stock to jump over 8% following the announcement. Meanwhile, the law firm Julie & Holleman has launched an investigation into the acquisition proposal made by controlling stockholders.
The company's board declared a 1.4% increase in quarterly payouts, bringing the annualized dividend to $5.84 per share as part of its capital strategy.
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