Pep Boys Terminates Merger With The Gores Group

Pep Boys announced that it's agreed to terminate the proposed merger between itself and The Gores Group. As settlement for any and all potential claims that Pep Boys could assert under the terms of the merger agreement, previously announced on January 30, 2012, The Gores Group has agreed to pay Pep Boys a fee of $50 million and to reimburse Pep Boys for certain merger-related expenses.