Skadden Helps Gores Group In $1B Pep Boys Buy

Law360, New York (January 30, 2012, 1:48 PM EST) -- The Gores Group LLC will buy Philadelphia-based automotive parts retailer The Pep Boys — Manny, Moe & Jack in a $1 billion transaction to take the company private, the Los Angeles-based private equity firm said Monday.

Gores will pay $15 per share — 24 percent higher than the chain's Friday closing price of $12.08 per share — in cash for all outstanding common stock. Pep Boys' board of directors unanimously approved the merger Jan. 29 and recommended that shareholders give the agreement the green light, the...
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