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Pep Boys agrees to be acquired for about $791M

The Pep Boys

The Pep Boys _ Manny, Moe & Jack, an auto parts chain founded more than 90 years ago, has agreed to be taken private by the investment firm The Gores Group for about $791 million. The $15 per share offer is a 24 percent premium to Pep Boys' closing price Friday of $12.08. News of the acquisition sent the Philadelphia company's shares up $2.82, or 23.3 percent, to $14.90 in morning trading on Monday.

 

$4 Million Severance Elicits Outrage in France

A wave of indignation swept over France when it became known Tuesday that the head of a large auto parts company who was edged out because of poor results walked away with a severance package worth more than $4 million.

 

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