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Oct

26

Auto Service Retail Giants to Merge

By Tony Seruga

Engage with a national audience at these upcoming events: RealShare INDUSTRIAL in Atlanta on Nov 3-4,RealShare NEW LEASE WEST in Los Angeles on Nov 11-12 and RealShare HEALTHCARE REAL ESTATE in Scottsdale, AZ on Dec 2-3.

Pep Boys has about 800 locations across 35 states and Puerto Rico.

NASHVILLE—Three-and-a-half years after a planned acquisition deal fell apart, Manny, Moe & Jack have found a buyer. Nashville-based Bridgestone Americas Inc. and Philadelphia-based Pep Boys—Manny, Moe & Jack said Monday they had entered into a definitive merger agreement under which wholly owned subsidiary Bridgestone Retail Operations LLC would acquire the Pep Boys auto parts and service chain for approximately $835 million.

The all-cash deal for $15 per share represents a 23% premium over Pep Boys’ closing price on Oct. 23, and a 62% premium on the company’s per-share price of $9.25 on May 19. Share prices rose thereafter on market speculation about a possible sale, including a Wall Street Journal report that identified Golden Gate Capital as a potential buyer. Pep Boys announced on June 30 that its board was exploring strategic alternatives including a possible sale…

Auto Service Retail Giants to Merge

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