Gores' $1B Pep Boys Bid Undervalues Co.: Investor

Law360, New York (February 2, 2012, 10:11 PM EST) -- A shareholder of Philadelphia-based automotive parts retailer The Pep Boys — Manny, Moe & Jack filed a putative class action in Pennsylvania state court on Tuesday, seeking to block a $1 billion proposal by The Gores Group LLC to take the company private.

Gores said Monday that it would pay $15 per share — 24 percent higher than the chain's Jan. 27 closing price of $12.08 per share — in cash for all outstanding Pep Boys common stock. Pep Boys' board of directors unanimously approved the...
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