Pep Boys Manny Moe & Jack (PBY) - NYSE
  • Mon, Feb. 1, 11:47 AM
    • The Pep Boys (NYSE:PBY) acquisition by Carl Icahn isn't expected by BB&T Capital Markets to do any favors for Federal-Mogul (FDML -7.3%). Federal-Mogul has been on watch since the deal announcement due to Icahn's sizable position in the automobile supplier.
    • BB&T's Tony Cristello explains: "By buying Pep Boys, (Icahn) has created a huge conflict of interest. I wouldn't be surprised if Pep Boys is the tipping point for Federal-Mogul's customers to look for other options."
    | Mon, Feb. 1, 11:47 AM
  • Wed, Jan. 13, 3:24 PM
    • Bridgestone (OTC:BRDCF, OTCPK:BRDCY) says it plans to add 20% more stores in the U.S. by 2020.
    • The company currently has 2.2K of its own stores and another 3K through dealerships.
    • The expansion plan follows the failed bid by Bridgestone to buy Pep Boys (NYSE:PBY).
    | Wed, Jan. 13, 3:24 PM | 2 Comments
  • Dec. 30, 2015, 9:34 AM
    | Dec. 30, 2015, 9:34 AM | 9 Comments
  • Dec. 29, 2015, 6:09 PM
    • It looks like Carl Icahn has won the Pep Boys (NYSE:PBY) bidding war: Bridgestone (OTCPK:BRDCY) says it won't counter Icahn Enterprises' (NASDAQ:IEP) $18.50/share offer for the auto repair shop chain. The offer, issued yesterday, topped a prior $17/share offer from Bridgestone.
    • PBY -2.7% after hours to $18.43.
    | Dec. 29, 2015, 6:09 PM | 13 Comments
  • Dec. 29, 2015, 9:20 AM
    | Dec. 29, 2015, 9:20 AM | 16 Comments
  • Dec. 29, 2015, 7:31 AM
    • Pep Boys (NYSE:PBY) calls the latest offer from Icahn Enterprises a "superior proposal" to the bid from Bridgestone.
    • The Icahn offer of $18.50 is not contingent on financing or due diligence.
    • Previously: Icahn ups Pep Boys offer to $18.50/share (Dec. 28 2015)
    • PBY +6.38% premarket to $18.50.
    | Dec. 29, 2015, 7:31 AM
  • Dec. 28, 2015, 5:39 PM
    • Top gainers, as of 5.25 p.m.: PBY +6.2%. WSH +3.5%. SDRL +3.2%. RIG +2.4%. RMBS +1.9%.
    • Top losers, as of 5.25p.m.: NOK -3.6%. GSK -1.3%. NWL -1.1%. GSM -0.9%. REXI -0.8%.
    | Dec. 28, 2015, 5:39 PM
  • Dec. 28, 2015, 4:45 PM
    • Icahn Enterprises' (NASDAQ:IEP) latest offer for Pep Boys (NYSE:PBY) is $1.50/share above the $17/share deal Pep Boys agreed to with Bridgestone (OTCPK:BRDCY) last week. It value auto repair shop owner at a little over $1B.
    • PBY +5.1% after hours to $18.27.
    • Prior Pep Boys coverage
    | Dec. 28, 2015, 4:45 PM | 10 Comments
  • Dec. 24, 2015, 7:35 PM
    • Pep Boys (NYSE:PBY) says it agrees to a new takeover offer from Bridgestone (OTCPK:BRDCY) that values the company at $947M and no longer deems the proposal received from Icahn Enterprises (NASDAQ:IEP) a "superior proposal."
    • PBY says Bridgestone will pay $17/share, with the announcement coming just before a 5 p.m. ET deadline to match or exceed Icahn’s $16.50/share offer; Icahn said yesterday he would pay $0.10/share more than any Bridgestone offer up to $18.10 under a "ratchet" structure.
    • PBY also says the breakup fee in the revised Bridgestone deal has been increased to $39.5M from $35M.
    • Icahn says of today's offer: "We cannot understand the actions of the directors in that they know we were willing to offer a lot more than $17."
    • Earlier: Pep Boys breakup is likely scenario, analyst says
    | Dec. 24, 2015, 7:35 PM | 5 Comments
  • Dec. 24, 2015, 10:02 AM
    • Pep Boys' (PBY -0.2%) bidding process will continue into the new year, culminating with a breakup of the service and retail operations and Monro Muffler (MNRO -0.5%) or O'Reilly Auto Parts (ORLY -0.1%) as potential buyers, Sterne Agee CRT analyst Ali Faghri says, adding that a deal with either company would be a positive catalyst since both have strong track records of acquisition integration.
    • Faghri says an Icahn Enterprises (IEP -0.1%) acquisition of PBY likely would result in a sale of the service operations, with MNRO as a potential buyer; should Bridgestone prevail, PBY's retail business would be viewed as non-core and the ~560 stores would be sold, with ORLY the mostly likely buyer in this scenario.
    • At an $18.10 takeout price, the analyst says the current deal valuation of ~12.5x TTM EBITDA shows the strength of the auto aftermarket industry, justifying MNRO's premium valuation (~14x 2016 EBITDA) and underscoring the discount at which Advanced Auto Parts (AAP +0.1%) trades (~9x 2016 EBITDA).
    | Dec. 24, 2015, 10:02 AM | 7 Comments
  • Dec. 23, 2015, 12:19 PM
    • The bidding war continues: The Nikkei reports Bridgestone (OTCPK:BRDCY) has decided to once more up its offer for Pep Boys (PBY +2.7%). No price has been given.
    • The news comes shortly after Icahn Enterprises announced it would pay $0.10/share more than any Bridgestone offer up to $18.10/share. Pep Boys currently trades at $17.35.
    • Prior Pep Boys coverage
    | Dec. 23, 2015, 12:19 PM
  • Dec. 23, 2015, 8:57 AM
    • Pep Boys (NYSE:PBY) lands another offer from Icahn Enterprises with a kicker designed to box out Bridgestone (OTCPK:BRDCY, OTC:BRDCF).
    • Under the terms of the revised deal, the company lands $0.10 more than any new bid from Bridgestone up to a maximum of $18.10. If Bridgestone makes no new offer, the deal price remains at $16.50.
    • Previous forecasts from analysts saw a final deal price somewhere in the $17 to $17.50 range.
    • Pep Boys closed at $16.89 yesterday.
    | Dec. 23, 2015, 8:57 AM | 3 Comments
  • Dec. 21, 2015, 8:48 AM
    • Pep Boys (NYSE:PBY) announces that it considers a $16.50 offer received Friday evening from Icahn Enterprises as superior to a previous bid from Bridgestone.
    • PBY +4.7% premarket to $16.50.
    | Dec. 21, 2015, 8:48 AM | 2 Comments
  • Dec. 12, 2015, 10:15 AM
    • Pep Boys (NYSE:PBY) changed course again by accepting a $15.50 per share offer from Bridgestone (OTCPK:BRDCY, OTC:BRDCF) that matched an offer from Carl Icahn's organization.
    • The deal price works out to around $863M.
    • An acquisition of Pep Boys would give Bridgestone a significant increase in its presence in North America.
    • Pep Boys closed at $16.34 on Friday indicating some traders think the drama isn't quite over yet.
    • Bridgestone press release
    | Dec. 12, 2015, 10:15 AM | 1 Comment
  • Dec. 9, 2015, 9:32 AM
    • Pep Boys (PBY -0.5%) announces it decided the $15.50 offer from Icahn Enterprises is a "superior" proposal to the lower bid from Bridgestone.
    • The company has notified Bridgestone of its intention to terminate their agreement which gives Bridgestone three days to make a better proposal.
    | Dec. 9, 2015, 9:32 AM
  • Dec. 8, 2015, 9:02 AM
    | Dec. 8, 2015, 9:02 AM | 3 Comments
Company Description
Pep Boys - Manny Moe & Jack together with its subsidiaries offers automotive repair & maintenance services and sells automotive tires, parts and accessories through a chain of stores.
Sector: Services
Industry: Auto Parts Stores
Country: United States