Bridgestone buying Pep Boys for about $835 million
- 9 years ago
Tire and auto service company Bridgestone Corp. is buying auto parts and repair company Pep Boys for $835 million in a deal that will help Bridgestone gain a more dominant position in auto services business.
The offer involves $15 per share in cash and marks a premium of almost 23.5 percent over Pep Boys' closing price on Friday.
The deal is expected to close in the beginning of 2016 and will add 800 locations to Bridgestone's nationwide network of 2,200 tire and automotive service centers.
The deal comes months after Pep Boys-Manny, Moe & Jack's president and CEO resigned as the speculation built over whether the company was considering a sale.
The offer involves $15 per share in cash and marks a premium of almost 23.5 percent over Pep Boys' closing price on Friday.
The deal is expected to close in the beginning of 2016 and will add 800 locations to Bridgestone's nationwide network of 2,200 tire and automotive service centers.
The deal comes months after Pep Boys-Manny, Moe & Jack's president and CEO resigned as the speculation built over whether the company was considering a sale.