Posted on 10/26/2015 9:56:36 AM PDT by grimalkin
Japanese tire maker Bridgestone Corp (5108.T) said it would buy auto parts retailer Pep Boys-Manny, Moe & Jack (PBY.N) for $835 million to expand its retail presence in the United States.
The deal will boost Bridgestone's retail network by more than a third in the United States, the company said.
Bridgestone operates a chain of auto care and tire stores in the United States through its Bridgestone Retail Operations (BSRO) unit.
"Bridgestone is looking to expand its market share in services and tires ... it's a little harder to understand what they might do with (Pep Boys') retail operations but they'll come up with a plan for it," Jefferies analyst Bret Jordan said, adding that it was unlikely the company would get rival bids from strategic buyers.
Bridgestone's U.S. business accounts for nearly half of its total sales, according to Thomson Reuters data.
The company's $15-per-share cash offer represents a premium of 23.5 percent to Pep Boys' Friday closing. Pep-Boys' shares jumped nearly 23.3 percent to $14.98 in morning trading.
(Excerpt) Read more at reuters.com ...
We are still being colonized while our politicians try to pass new trade agreements to hasten the process.
I haven’t gone to Pep Boys ever since they took the cigar out of the one dudes mouth.
You speak for me there!!
Nother nail in the PB’s coffin.
Will they still charge me $800 to put a new exhaust on a car that has fatal issues and will not pass state inspection?
I think Bridgestone owns Firestone. The big fish eat the little fish.
We have Pep Boys Tire centers here, but not their auto parts stores. They bought the Big 10 Tires chain a couple of years ago and renamed them Pep Boys Tires............................Smart move for Bridgestone...................
True......................
Maybe he quit smoking!..........................
Anti-Trust Laws??? We don’t need no steenkin’ Anti-Trust Laws.
....and Bandag, and Speedco.
Yes, Bridgstone bought Firestone in 1988.
Put some Firestone 500s on your Pinto...
Who owns KUMHO Tires?....................they seem to be everywhere................
I have a feeling that’s not going to be good for the Pep Boys franchise.
We need another cash for clunkers!
They wanted over $500.00 to replace the radiator fan assembly on my 2004 Mustang. I did it for slightly over a $100. At that point I found that it still didn't work and that they lied to me when they said the relays were OK. Found a tiny little jpg of the relay setup on the web and replaced it myself. I do let them put temporary plugs in tires.
Well how about that...Trump is talking about Ford going to Mexico...and now tires aren’t being bought except in America? and he’s not even President yet...
WOOHOO GO TRUMP!!! Your message is getting out there!!!
I had dry rot problems with Kumho. I got some General tires made in Brazil that are holding up much better.
Pep Boys was one of the companies that Peter Lynch used to gush about.
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