The company’s $15-per-share cash offer represents a premium of 23.5 percent to Pep Boys’ Friday closing.
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More than 20 Firestone serivce centers operate in Franklin and adjacent counties.
The loyalty may not be quite as fierce as Chevy, Ford, or Ram, but automotive DIY-ers have their own loyalties when it comes to parts and accessories stores such as O’Reilly, NAPA, and Pep Boys.
But Pep Boys’ retail business and its mixed retail and service format have suffered in recent years as fewer Americans fix their own cars, and chains like AutoZone and Advance Auto Parts, with smaller stores in newer shopping districts, grew more quickly.
If you are a shareholder of Pep Boys and believe the proposed buyout price is too low or you’re interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker ( [email protected] ) at 619-814-4471. “We look forward to working with the Bridgestone team for a smooth and successful transition”.
– Pep Boys, an iconic Philadelphia brand that goes back almost a century, is getting a new owner.
The transaction is expected to close in the beginning of 2016.
The deal will boost Bridgestone’s retail network by more than a third in the United States, the company said.
J.P. Morgan Securities LLC is acting as the exclusive financial adviser to Bridgestone. The purchase will add approximately 800 locations to Bridgestone Retail Operations’ nationwide network. Gabelli’s Gamco is Pep Boys’ largest investor with a 12.7% stake. Mitarotonda succeeded at getting on the board of Pep Boys in 2006 as part of a three-person dissident slate.
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The deal follows a Wall Street Journal report in May that private equity firms, including San Francisco-based Golden Gate Capital, had expressed an interest in acquiring Pep Boys.
