Key Developments: Pep Boys-Manny Moe and Jack (PBY)
12.23USD
21 May 2013
$0.05 (+0.41%)
$12.17
$12.18
$12.28
$12.10
195,588
408,797
$12.38
$8.31
Latest Key Developments (Source: Significant Developments)
Pep Boys-Manny Moe & Jack Announces $50 Million Stock Repurchase Program
Pep Boys-Manny Moe & Jack announced that board of directors has authorized a program to repurchase up to $50 million of the Company's common stock. The program is effective immediately and has no expiration date. Full Article
Pep Boys Manny Moe and Jack Announces Resignation Of Raymond L. Arthur As Chief Financial Officer
Pep Boys Manny Moe and Jack announced the resignation of Chief Financial Officer Ray Arthur in order to pursue another business opportunity. Mr. Arthur will continue in his duties until June 29, 2012. The Company has engaged Russell Reynolds to conduct a national search for Mr. Arthur’s replacement. Full Article
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. Full Article
Bull & Lifshitz, LLP Announces Investigation Of Pep Boys Manny Moe and Jack
Bull & Lifshitz, LLP announced an investigation into possible breaches of fiduciary duty in connection with the proposed sale of Pep Boys Manny Moe and Jack to The Gores Group, in a cash transaction with a total enterprise value of approximately $1.0 billion. Under the terms of the merger agreement, The Gores Group will acquire all the outstanding common shares of Pep Boys for $15.00 per share in cash. It is expected that Mike Odell, Pep Boys' President & Chief Executive Officer and other members of the senior management team will continue in their roles with the Company after the completion of the transaction. Full Article
Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By Board Of Pep Boys Manny Moe and Jack
Levi & Korsinsky, LLP announced that it is investigating the Board of Directors of Pep Boys Manny Moe and Jack (Pep Boys) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to The Gores Group. Under the terms of the transaction, Pep Boys shareholders will receive $15.00 for each share of Pep Boys stock they own. The transaction has a total approximate value of $1.0 billion. The investigation concerns whether the Pep Boys Board of Directors breached their fiduciary duties to Pep Boys stockholders by failing to adequately shop the Company before entering into this transaction and whether The Gores Group is underpaying for Pep Boys shares, thus unlawfully harming Pep Boys stockholders. Full Article
Wolf Haldenstein Announces Investigation Of Pep Boys Manny Moe and Jack
Wolf Haldenstein Adler Freeman & Herz LLP announced that it is investigating possible breaches of fiduciary duty by the Board of Directors of The Pep Boys – Manny, Moe & Jack (Pep Boys or the Company) arising out of the proposed acquisition of Pep Boys by the Gores Group (Gores). On January 30, 2012, Pep Boys announced that Gores will acquire Pep Boys pursuant to an all cash offer. Under the terms of the agreement, Pep Boys stockholders will receive cash of $15.00 in exchange for each share of Pep Boys common stock. However, the Company may not have adequately shopped itself before entering into this transaction and, pursuant to this proposed transaction, Gores may be underpaying for Pep Boys, thus unlawfully harming Pep Boys shareholders. Full Article
MURRAY FRANK LLP Announces Investigation of Pep Boys Manny Moe and Jack
MURRAY FRANK LLP announced that it is investigating claims of breach of fiduciary duties by certain members of the board of directors of The Pep Boys – Manny, Moe & Jack (“Pep Boys” or the “Company”) in relation to the proposed sale of the Company to The Gores Group. The investigation focuses on whether certain members of Pep Boys’ board of directors breached their fiduciary duties in connection with their efforts to sell Pep Boys to The Gores Group at an inadequate price through an unfair process which significantly undervalues the Company. Specifically, according to Yahoo! Finance, at least one analyst has set a price target for PBY of $17 per share. Full Article
Ryan & Maniskas, LLP Announces Investigation Of Pep Boys Manny Moe and Jack
Ryan & Maniskas, LLP announced that it is investigating potential claims against the Board of Directors of Pep Boys Manny Moe and Jack concerning possible breaches of fiduciary duty and other violations of law related to the Company’s efforts to sell Pep Boys to The Gores Group in a transaction valued at approximately $1 billion. Investigation concerns possible breaches of fiduciary duty and other violations of law related to the approval of the transaction by Company’s Board of Directors; in particular, whether the Company undertook a fair process to obtain fair consideration for all shareholders of Pep Boys. Under the terms of the transaction, Pep Boys shareholders will receive $15.00 for each share of Pep Boys stock they own. Full Article
Law Firm of Weiss & Lurie Investigates Pep Boys Manny Moe and Jack
Law Firm of Weiss & Lurie announced that it is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of The Pep Boys—Manny, Moe & Jack arising from its agreement for the Company to be acquired by The Gores Group for $15.00 per share. Weiss & Lurie is investigating whether Pep Boys’ Board acted in the best interests of its shareholders in approving the transaction and whether the Board took steps to maximize the value of Pep Boys stock, such as by providing a level playing field to competing bidders or by considering alternative transactions. Full Article
Pomerantz Law Firm Announces Investigation Of Pep Boys Manny Moe and Jack
Pomerantz Law Firm announced that it is investigating claims on behalf of investors of The Pep Boys – Manny, Moe & Jack (The Pep Boys or the Company) concerning the proposed acquisition of The Pep Boys by The Gores Group in a cash transaction valued at approximately $1 billion. The investigation concerns whether The Pep Boys directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the agreement, The Pep Boys shareholders will receive $15.00 for each share of common stock. However, at least one analyst has set a target price of $17.00. Full Article
UPDATE 1-Mexico's Pemex, Exxon Mobil in technical collaboration deal
MEXICO CITY, April 3 - The exploration and production arm of Mexican state oil monopoly Pemex announced on Wednesday that it has signed a five-year technical collaboration agreement with Exxon Mobil.
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