Bridgestone to Buy Pep Boys for $835 Million
Bridgestone said on Monday that it would buy Pep Boys, the car parts retailer, for about $835 million in cash, to gain a big increase in retail locations. Buying Pep Boys — perhaps best known for its colorfully named founders, Manny, Moe and Jack, who are technically part of its legal name — will give Bridgestone about 800 more stores to add to its own network of 2,200 tire and car service centers. Under the terms of the deal, Bridgestone will pay $15 a share through a tender offer. That’s nearly 24 percent more than Pep Boys’ closing price on Friday.