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If you purchased shares of Pep Boys-Manny Moe and Jack (NYSE:PBY) and currently hold any of those NYSE:PBY shares, you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
November 17, 2015 (Shareholders Foundation) - An investor who currently holds shares of Pep Boys-Manny Moe and Jack (NYSE:PBY), filed a lawsuit in effort to halt the proposed takeover of Pep Boys-Manny Moe and Jack by Bridgestone Americas, Inc for $15.00 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:PBY stockholders by agreeing to sell Pep Boys-Manny Moe and Jack too cheaply via an unfair process to Bridgestone Americas, Inc.
On October 26, 2015, Bridgestone Americas, Inc. and The Pep Boys – Manny, Moe & Jack (Pep Boys; NYSE: PBY) announced that Pep Boys-Manny Moe and Jack (NYSE:PBY) and Bridgestone Retail Operations, LLC (“BSRO”), a wholly owned subsidiary of Bridgestone, have entered into a merger agreement under which BSRO will acquire Pep Boys-Manny Moe and Jack (NYSE:PBY) in an all-cash transaction for $15.00 per share, or approximately $835 million in aggregate equity value.
However, the plaintiff claims that the proposed consideration NYSE: PBY shareholders will receive is grossly inadequate and undervalues The Pep Boys – Manny, Moe & Jack. In addition, the plaintiff claims that the process is also unfair to NYSE: PBY investors.