There’s an offer on the table to take one of the country’s six publicly traded dealer groups private.

Mitsui & Co., Ltd. and its wholly owned subsidiary Mitsui & Co. (USA) and Penske Corporation — which own a combined 72.3% of Penske Automotive Group — submitted a non-binding proposal on Wednesday to acquire the free-float shares of common stock in Penske Automotive Group.

PAG offers international transportation services businesses, most of which is in auto retail. That includes operating car dealerships in the U.S., U.K., Germany, Italy, Australia and Japan, among other ventures.

According to an outline of the proposal included in a joint statement from Mitsui and Penske Corp., the latter and its wholly owned Penske Automotive Holdings Corp. own roughly 52% of PAG, and Mitsui has roughly 20.3% ownership, as of April 16.

Approximately 27.8% of shareholders & equity stake is free-float shares.

The offer price values each PAG share at $210 (USD), with an implied equity value of $13.8 billion.

There would be 18,245,929 ordinary shares in the offer.

The total estimated acquisition cost would be $3.8 billion, based on the $210 per-share price and aforementioned target shares total.

The Penske Corp.-Mitsui investors plan to contribute new equity and obtain third-party debt financing to fund the deal.

“The proposal remains subject to negotiation of, and entry into, definitive agreements on terms acceptable to the PC-Mitsui Investors,” the companies said in the outline, also noting, “The proposal does not create any legal obligations and no such obligations will arise unless and until definitive transaction documentation has been executed and delivered.”

The PC-Mitsui investors anticipate that any decision on the proposal would require the PAG special committee’s approval.

“Mitsui does not intend to provide additional disclosures regarding the proposal until the definitive agreements, if any, have been reached or unless disclosure is otherwise required under applicable securities laws and stock exchange rules,” the investors said.

“No assurances can be given that a definitive agreement regarding the proposal will be reached or that the transaction contemplated by the proposal will be consummated. The PC-Mitsui investors reserve the right to modify or withdraw the proposal at any time.”