Pep Boys takes the lead in this week’s recap of the most-read news on AMN. The company announced on Monday it has signed an agreement to be acquired by The Gores Group in a transaction valued at $1 billion. Under the terms of the merger agreement, The Gores Group will acquire all the outstanding common shares of Pep Boys for $15 per share in cash. This fact caught the attention of at least three law firms that are now investigating the acquisition for possible breaches of fiduciary duty to current Pep Boys shareholders and other violations by the board of directors of Pep Boys relating to the proposed acquisition. The firms seek to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value.
In other M&A news this week, Monro Muffler Brake Inc. announced it is looking to make a major acquisition and is considering a run at competitor Midas Inc. The Rochester, N.Y., service chain told investors it was evaluating acquisition targets, including Midas, and hopes to close on at least one deal this quarter. Monro could, in fact, acquire two or three companies, some with between five and 40 retail locations.
Meanwhile in the manufacturing sector, Federal-Mogul this week launched a new real-time electronic information system for aftermarket customers. The new system, called Federal-Mogul e360, allows virtually any web-enabled aftermarket customer to receive the latest news regarding the company’s products and programs with access to an extensive virtual library of technical resources and other business-critical tools.
AMN readers were also interested in more details about WORLDPAC’s second annual supplier training expo, held Jan. 12-15 at the Anaheim Marriott Hotel and Convention Center in Southern California. According to WORLDPAC, due to the overwhelming support of its customers, the 2012 event was double the capacity of the first event. During the four-day event, more than 1,000 WORLDPAC customers from the U.S., Canada and Puerto Rico attended exclusive technical and business training presented by more than 40 of the industry’s most respected instructors. Attendees experienced full days of advanced level training followed by evening EXPO events featuring more than 80 manufacturers, networking opportunities and an extensive tool and equipment show.
Last in our recap of the week’s top news, new advances in design and engineering have led to a 40 percent reduction in the size and weight of DENSO radiators. In addition to size and weight reductions, DENSO says the radiator’s tank is made with a plant-derived resin, making it more environmentally friendly than conventional radiators.
