Pep Boys Rises After WSJ Reports Buyers Evaluating RetailerKevin Orland
Pep Boys - Manny Moe & Jack surged the most in three years after the Wall Street Journal reported that the auto-parts retailer and repair shop is being evaluated by potential acquirers.
The shares closed at $10.75 with a 16 percent gain, the biggest since January 2012. Pep Boys rose 9.5 percent this year through Wednesday.
Private-equity firm Golden Gate Capital is among suitors that have expressed interest in the Philadelphia-based company, the Journal said, citing people it didn’t name. Pep Boys isn’t working with an investment bank nor is it negotiating with any possible buyers, the newspaper reported.
Pep Boys was founded in 1921 and now has about 800 locations in the U.S. and Puerto Rico selling auto parts as well as providing maintenance and repairs. The company posted a $27.3 million loss in the 12 months through January as sales rose 0.9 percent to $2.08 billion.
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