The shareholder with 12% of the Pep Boys stock got pushy, the CEO was recently replaced for a more profit thinking one, and voila.
The all-cash deal, which represents a premium of 23% over the stock's closing price Friday, will be structured as a tender offer to close as soon as next year. At least a majority of shareholders need to agree to tender their shares at the price offered to complete the transaction.
Bridgestone's 2,200 tire and automotive service centers, will grow by about 25% with the addition of the 800 Pep Boys locations, joining the Bridgestone companies Firestone Complete Auto Care, Tires Plus, Hibdon Tires Plus and Wheel Works
Bridgestone is the world’s largest company-owned tire and automotive service retail network
http://www.usatoday.com/story/money/2015/10/26/bridgestone-buy-pep-boys-835m-cash/74617026/
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