Bridgestone to Acquire Pep Boys
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Bridgestone to Acquire Pep Boys (PBY) in ~$835M Deal
October 26, 2015 8:33 AM EDTBridgestone Americas, Inc. (Bridgestone) and The Pep Boys Manny, Moe & Jack (NYSE: PBY) today announced that Pep Boys and Bridgestone Retail Operations, LLC (BSRO), a wholly owned subsidiary of Bridgestone, have entered into a definitive merger agreement under which BSRO will acquire Pep Boys in an all-cash transaction for $15.00 per share, or approximately $835 million in aggregate equity value. This represents a premium of 23 percent over Pep Boys' closing price of $12.15 on October 23, 2015 and a premium of 62 percent over Pep Boys' unaffected (prior to market speculation of a potential transaction) price of $9.25 on May 19, 2015. The... More
