Penske Automotive Group confirmed in a statement on its website Wednesday that its board of directors has “received an unsolicited, preliminary and non-binding proposal” from Penske Corp. and Mitsui & Co., Ltd. to acquire the remaining shares of PAG’s common stock that PC and Mitsui and their affiliates don’t currently own.

Penske Corp. and Mitsui and their affiliates currently own a combined 72.6% of PAG’s outstanding common stock. As reported here, the companies submitted a non-binding proposal on Wednesday to acquire the free-float shares of common stock in Penske Automotive Group.

“The board has established a special committee comprised of disinterested and independent directors to review and consider the proposal,” PAG said in the statement.

“The special committee is authorized to retain advisors, including independent legal and financial advisors, to assist it in its work. There can be no assurance as to whether an agreement relating to any proposed transaction will be reached or as to the terms thereof if an agreement is reached,” it added.

“The company does not intend to comment further or disclose any developments regarding the proposal unless and until it deems further disclosure is appropriate or required. The company’s shareholders do not need to take any action at this time.”