Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: Bridgestone to acquire Pep Boys for $835M, (Oct 26, 2015)
Organizations Mentioned:Bridgestone Americas, Inc. | Bridgestone Retail Operations, LLC | Pep Boys-Manny, Moe & Jack
By Greg Hammond, J.D.
Bridgestone Retail Operations, LLC, a subsidiary of Bridgestone Americas, Inc., has entered into an agreement to acquire Pep Boys-Manny, Moe & Jack for approximately $835 million, according to a joint announcement released today.
Pep Boys is a leading national automotive aftermarket chain that offers tires, maintenance and repair, as well as parts and accessories. Similarly, Bridgestone Corp. is the world’s largest tire and rubber company. The companies expect to close the transaction in early 2016, but completion of the tender offer is conditioned on Pep Boys’ shareholders offering at least a majority of Pep Boys’ outstanding shares, and other customary closing conditions, including the expiration or termination of the Hart-Scott Rodino Antitrust Improvements Act waiting period.
“Bridgestone and Pep Boys are two leading companies that share a proud heritage in the American automotive services industry,” stated CEO and President of Bridgestone Americas, Gary Garfield. “Our shared expertise and commitment to our customers and employees will help us build an even stronger organization.”
“We are excited to join the Bridgestone family of companies to become part of the world’s largest company-owned tire and automotive service retail network,” CEO of Pep Boys Scott Sider said. “This transaction delivers a significant premium for Pep Boys’ shareholders and offers new opportunities for our employees across a bigger business. We look forward to working with the Bridgestone team for a smooth and successful transition.”
Companies: Bridgestone Americas, Inc.; Pep Boys-Manny, Moe & Jack
News: AcquisitionsMergers Antitrust