Pep Boys Manny Moe and Jack Announces Termination of Merger with The Gores Group

Pep Boys Manny Moe and Jack announced that it has agreed to terminate the proposed merger between Pep Boys 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. The special meeting of Pep Boys’ shareholders, which was scheduled to be held on May 30, 2012, has been canceled.