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It looks to me from here:

http://investors.penskeautomotive.com/phoenix.zhtml?c=82644&...

that the original bond indenture must have had provisions allowing a majority of bondholders to amend the covenants governing the bond. According to that press release, the company is requiring a legal consent to the amendments from the bondholders in order for bondholders to receive the tender payment. Presumably, if the company doesn't get a majority of investors tendering their bonds, then it can't modify the covenants.

This is all conjecture because the press release doesn't even include the full terms of the offer, let alone the original indenture document. So I could easily be completely wrong.

good luck,
dan
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