PHILADELPHIA--March 16, 2012: The Pep Boys -- Manny, Moe & Jack , the nation's leading automotive aftermarket service and retail chain, today announced that the "go-shop" period set forth in the previously announced merger agreement, entered into on January 29, 2012, by and among Pep Boys, Auto Acquisition Company, LLC ("Parent"), and Auto Mergersub, Inc., a wholly owned subsidiary of Parent ("Merger Sub") has expired. Parent and Merger Sub were formed by affiliates of The Gores Group, LLC, a Los Angeles based private equity firm.
Under the merger agreement, Pep Boys and its representatives had the right to solicit alternative acquisition proposals from third parties during a "go-shop" period that expired at 11:59 p.m. (EDT) on March 14, 2011. During the "go-shop" period, BofA Merrill Lynch, Pep Boys' financial advisor, contacted potential acquirers that Pep Boys and BofA Merrill Lynch believed might have been interested in an alternative transaction to the merger with Auto Acquisition Company, LLC. Pep Boys did not receive any alternative acquisition proposals from third parties during the "go-shop" period.
The parties currently expect to complete the merger during the second fiscal quarter of 2012, subject to customary closing conditions, including receipt of shareholder approval. Following completion of the transaction, Pep Boys will become a privately held company and its stock will no longer trade on the New York Stock Exchange.
About Pep Boys
Since 1921, Pep Boys has been the nation's leading automotive aftermarket chain. With more than 7,000 service bays in more than 700 locations in 35 states and Puerto Rico, Pep Boys offers name-brand tires; automotive maintenance and repair; parts and expert advice for the Do-It-Yourselfer; commercial auto parts delivery; and fleet maintenance and repair. Customers can find the nearest location by calling 1-800-PEP-BOYS (1-800-737-2697) or by visiting Pep Boys.
About The Gores Group
The Gores Group, founded by Alec Gores in 1987, has since its inception successfully acquired and operated more than 80 companies across diverse industries with more than $15 billion in aggregate annual revenue. A leading investment firm, The Gores Group specializes in acquisitions where operational transformation and/or flexible capital can maximize the potential of a business. Headquartered in Los Angeles, The Gores Group maintains offices in Boulder, CO, and London. For more information, please visit Gores.
