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Pep Boys Cancels Their Planned Buy of The Gores Group -$PBY

“NEW YORK – The Pep Boys — Manny, Moe & Jack has called off its planned $791 million acquisition by investment firm The Gores Group.

The company’s shares tumbled $1.49, or 13.4 percent, to $9.60 in premarket trading Wednesday.

The auto parts chain said late Tuesday that it will receive a $50 million settlement from Gores and will be reimbursed for certain acquisition-related expenses.

Pep Boys cancelled its special shareholders meeting, which had been scheduled for Thursday.”

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