From AFX News Limited

PHILADELPHIA -- Automotive retail and service chain Pep Boys -- Manny, Moe & Jack said Tuesday it will allow its shareholder rights plan to expire at the end of the year.

The company gave no other details in a statement. Companies usually adopt shareholder rights plans, also known as "poison pills," to discourage takeover attempts.

Shares rose 19 cents to close at $17.77 on the New York Stock Exchange. The stock has traded in a 52-week range of $9.33 to $17.98.

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