Pep Boys Amends Shareholder Rights Plan
August 21 2006 - 8:05AM
Business Wire
The Pep Boys - Manny, Moe & Jack (NYSE:PBY), the nation's
leading automotive aftermarket retail and service chain, announced
today certain revisions to its shareholder rights plan consistent
with corporate governance best practices. As part of a previously
announced agreement with a group of investors led by Barington
Capital Group, L.P., the Company amended the plan (1) to include a
"TIDE" provision that requires a committee of independent directors
to meet not less than once every three years to review the terms
and conditions of the plan, including whether the termination or
modification of the plan is in the best interest of the Company and
its shareholders and (2) eliminate the plan's "modified slow-hand"
provision (requiring the redemption of the plan to be approved by
those directors who are unrelated to a potential acquirer) and in
its place permit the redemption of the plan by the full Board of
Directors. Pep Boys has 593 stores and more than 6,000 service bays
in 36 states and Puerto Rico. Along with its vehicle repair and
maintenance capabilities, the Company also serves the commercial
auto parts delivery market and is one of the leading sellers of
replacement tires in the United States. Customers can find the
nearest location by calling 1-800-PEP-BOYS or by visiting
pepboys.com.
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