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Pep Boys (PBY) Stock Jumps on Sale to Bridgestone

NEW YORK (TheStreet) -- Shares of Pep Boys - Manny, Moe & Jack (PBY - Get Report) were gaining 22.7% to $14.91 on Monday following the announcement that car part supplier Bridgestone (BRDCY) will acquire the auto parts retailer for about $835 million.

Bridgestone will buy all outstanding shares of Pep Boys for $15 a share in cash under the terms of the acquisition. The price represents a 23% over Pep Boys' Friday closing price, and a 62% premium over the company's closing price on May 19, before reports that the retailer was looking to sell itself.

The acquisition is expected to close in the beginning of 2016.

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"We are excited to join the Bridgestone family of companies to become part of the world's largest company-owned tire and automotive service retail network," Pep Boys CEO Scott Sider said in a statement. "This transaction delivers a significant premium for Pep Boys' shareholders and offers new opportunities for our employees across a bigger business."

About 8.2 million shares of Pep Boys were traded by 9:38 a.m. Monday, well above the...