Shares of Pep Boys-Manny, Moe & Jack (NYSE: PBY)
are soaring in trading today after the Philadelphia-based company agreed to be
acquired by leading investment firm The Gores Group. Under the terms of the
agreement, Gores Group will acquire all outstanding shares of Pep Boys for $15
per share in cash.
Pep Boys shares rose to a new 52-week high of $15 in
trading today, and at last check, the stock was up more than 23% on above
average volume. The rally has pushed Pep Boys shares above their 50-day and
200-day moving averages.
To get more information on Pep Boys-Manny, Moe &
Jack please click here…
