Friday, January 21, 2011

Pep Boys Soars On Takeover Speculation

Shares of Pep Boys - Manny, Moe & Jack (NYSE: PBY) surged as much as 20% after Bloomberg reported that the company is considering a sale and working with Bank of America Corp. to explore strategic options. Pep Boys isn’t likely to run a formal sales process, and is trying to drum up interest among a handful of private-equity firms such as Leonard Green & Partners LP, Bain Capital LLC and TPG Capital, Bloomberg said, citing two people with knowledge of the matter. Pep Boys tried unsuccessfully to sell itself in the past. The company has renewed efforts to find a buyer as its earnings improve and private-equity firms seek takeover targets in retail, the people said. Stay tuned for more.

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