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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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