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Pep Boys win and Arbs lose again
2015-10-28 12:54:47| Auto Parts - Topix.net
The Pep Boys car-maintenance chain said Monday morning that it's being sold to a unit of Bridgestone for about $835 million. That's a 23 percent premium to its value last week and sounds like a decent offer -- but for arbitrageurs, any chance to make a good chunk of change evaporated within a minute of the press release, which hit at 8:30 a.m. New York time.
Phila. icon Pep Boys being sold to Bridgestone
2015-10-27 09:20:52| Industrial Machines - Topix.net
Manny Moe & Jack, the iconic Philadelphia-based auto-parts and service store chain, has agreed to be sold to Bridgestone Corp., the Japan-based tire maker that owns Firestone stores. Bridgestone will pay $15 a share, or $835 million, for the 800-store, barely profitable company, which has 14,000 employees in 35 states and yearly sales of $2 billion.
Bridgestone Buying Pep Boys For About $835 Million
2015-10-26 16:26:04| Auto Parts - Topix.net
CBS 3 CBS 3 joined forces with the most trusted local CBS RADIO stations in Philadelphia to give you the best Philly has to offer. CBS 3 is part of CBS Television Stations, a division of CBS [...] KYW Newsradio 1060 Welcome to KYW Newsradio 1060 on CBSPhilly.com.
Bridgestone to buy U.S. auto parts retailer Pep Boys
2015-10-26 15:26:04| Industrial Machines - Topix.net
The $15-per-share deal represents a premium of 23.5 percent to Pep Boys' Friday closing price of $12.15. The deal would expand Bridgestone Retail Operations LLC's network by more than 35 percent in the United States, Bridgestone said.
Bridgestone to buy Pep Boys
2015-10-26 15:23:55| Auto Parts - Topix.net
Bridgestone Americas Inc. has agreed to buy Philadelphia-based tire retailer/auto service provider Pep Boys Manny, Moe & Jack for approximately $835 million. Bridgestone is offering $15 a share for Pep Boys, which the tire maker said is a premium of 23 percent premium over Pep Boys' closing price of $12.15 on Oct. 23 and 62 percent over Pep Boys' unaffected price of $9.25 on May 19. "Bridgestone and Pep Boys are two leading companies that share a proud heritage in the American automotive services industry," said Gary Garfield, CEO and president of Bridgestone Americas.
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