The state of New Jersey is alleging foul play by two of the nation’s largest auto repair chains.
Philadelphia-based Pep Boys and Virginia’s Advance Auto Parts have been sued for allegedly overcharging customers in the Garden State. The suit comes just days after Pep Boys agreed to be sold to Carl Icahn for approximately $1 billion and comes from the New Jersey Division Consumer Affairs, through its Office of Consumer Protection and its Office of Weights and Measures.
Both businesses sell auto parts and perform auto repairs at retail locations throughout New Jersey. The suit comes as part of an initiative “designed to ensure that automotive parts stores comply with consumer laws regarding price scanning, disclosure of merchandise pricing, and notices as to the right to a written estimate for automotive repairs.” Read more »
A week after Carl Icahn said he’d be willing to bid up to $1 billion for Pep Boys, the Philly-based auto parts retailer, he’s done just that.
Reuters reports that on Monday, Icahn raised his bid for the company to $18.50 a share — totaling $1 billion — to beat the best competing bid of $17 a share by Bridgestone, a Japanese-based company that’s been attempting since October to buy Pep Boys. That attempt has sparked a bidding war between Icahn and Bridgestone in recent weeks. Read more »
Turns out Carl Icahn really, really wants to own Pep Boys — Manny, Moe, & Jack.
The Wall Street Journal reports that Icahn — who has been in a bidding war with Bridgestone for control of the Philly-based auto parts, maintenance and repair chain — offered on Wednesday to pay $16.50 per share for the company. Bridgestone’s previous bid was $15.50 per share.
Furthermore: Icahn said he’ll keep outbidding Bridgestone for awhile — informing Pep Boys he would be willing to pay 10 cents more per share than any Bridgestone offer, up to $18.10 a share. He’s willing to pay about $1 billion for the acquisition. Read more »
The bidding war for Pep Boys – Manny, Moe & Jack shows no signs of cooling off. Billionaire Carl Icahn raised his bid for the Philly-based auto parts, maintenance and repair chain to a whopping $919 million. That’s $16.50 per share in cash.
Last week, Bridgestone Americas increased its original offer by $28 million to $15.50 per share and appeared to have the upper hand in the negotiations. But Pep Boys said Icahn’s latest offer is a “superior proposal” and plans to terminate the previous Bridgestone agreement. Read more »
Now it’s Carl Icahn’s move — again.
Days after Icahn made a $15.50-a-share offer to acquire Pep Boys, the Philly-based auto parts chain, Bridgestone Americas — which had previously offered $15 a share — agreed on Friday to match his price, raising its overall offer by $28 million. Read more »
A vintage shot of the original Pep Boys store on N. 63rd Street in West Philadelphia. (Photo from Pep Boys.)
Bridgestone has agreed to buy Pep Boys — Manny, Moe, & Jack for $835 million in an all-cash deal.
Founded by four friends in 1921, Pep Boys grew from a single auto supply store in Philadelphia to one of the world’s largest companies. Still headquartered in Philly, it now has 800 locations across the United States and Puerto Rico offering tires, maintenance, parts and accessories. It now joins Bridgestone’s network of 2,200 tire and automotive service centers, which operate under the Firestone Complete Auto Care, Tires Plus, Hibdon Tires Plus and Wheel Works brand banners. Read more »
Pep Boys: Manny, Moe & Jack (NYSE: PBY) saw its stock soar nearly 10 percent after releasing a solid earnings report.
The Philadelphia-based automotive repair company reported earnings of $11.9 million or 22 cents per share in first-quarter of fiscal year 2015. That’s a sizable gain compared to $1.6 million or 3 cents per share in the first quarter one year ago. Read more »
Iliana Strauss, widow of Pep Boys heir Ben Strauss (son of Mo), put her Haverford home on the market in June. Now that a sale is pending, the nine-bedroom home’s contents are being sold off this weekend at an estate sale. Even if you’re not interested in the objects for sale, which can be seen here, this is a great opportunity to check out a home designed by one of the area’s most famous architects, Walter K. Durham. Tomorrow is the last day of the sale.
Gallery of the home, below.
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