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Pep Boys Sells to Bridgestone for $835 Million Under Activist Pressure From Mario Gabelli

The Pep Boys -- Manny, Moe & Jack (PBY - Get Report) agreed to sell itself to a Bridgestone (BRDCY) unit for $835 million in a deal that comes about four months after activist investor Mario Gabelli reached a deal to add three dissident directors onto the board of the auto-parts and services retailer.

Bridgestone Americas, a division of tire and rubber giant Bridgestone, acquired the Philadelphia-based Pep Boys for $15 a share in an all-cash transaction that represented a premium of 23% over Pep Boys' Friday closing price of $12.15 a share. The deal, which was approved by both companies' boards, is scheduled to close in the beginning of 2016.

The deal will add roughly 800 Pep Boys locations to Bridgestone's U.S. network of 2,200 tire and automotive service centers. Pep Boys owns more than 7,500 service bays in more than 800 locations in 35 states and Puerto Rico and offers tires, maintenance, repair and parts and accessories. Bridgestone, based in...