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Everything for Less Equals More, Pep Boys Accepts Offer at $15 A Share

Pep Boys Manny Moe Jack (PBY)

Pep Boys may have everything for less, but today they got more. Pep Boys – Manny Moe & Jack (NYSE:PBY), the U.S.’s largest automotive aftermarket service and retail chain said this morning that it is going private via a definitive merger agreement to be acquired by The Gores Group, one of the country’s leading investment firms. The agreement is valued at approximately $1 billion, or $15 per share for holders of PBY.

The buyout offers a 24 percent premium to Friday’s closing price of $12.08. Shares were trading at $10.47 on January 13, 2012.



Bank of America is acting as the financial advisor to Pep Boys for the transaction. Credit Suisse Securities (USA) LLC, Barclays Capital, and Sagent Advisors are acting as financial advisors to The Gores Group. The closing is expected during the second quarter of 2012.

Pep Boys (PBY) Stock Quote and News:







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