Bridgestone Americas Inc. has announced that its wholly owned subsidiary TAJ Acquisition Co., a subsidiary of Bridgestone Retail Operations LLC (BRSO), is commencing a cash tender offer to purchase all outstanding shares of The Pep Boys – Manny, Moe & Jack. Bridgestone and Pep Boys previously announced on Monday, Oct. 26, that they had entered into a definitive merger agreement under which BSRO will acquire Pep Boys.
The tender offer is being made pursuant to an offer to purchase, dated Nov. 16. Upon successful closing of the tender offer, shareholders of Pep Boys will receive $15 in cash for each share of Pep Boys common stock validly tendered and not validly withdrawn in the offer, without interest and less any applicable withholding tax.
The tender offer will expire at 5 p.m. EST on Monday, Jan. 4, 2016, unless the offer period is extended in accordance with the definitive merger agreement and the applicable rules and regulations of the SEC. The completion of the tender offer will be conditioned on Pep Boys’ shareholders tendering at least a majority of Pep Boys’ outstanding shares, determined on a fully diluted basis, and other customary closing conditions, including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.