Law Firm Brower Piven Announces Investigation in Connection With the Acquisition of The Pep Boys by The Gores Group
January 30 2012 - 10:11AM
Business Wire
The law firm of Brower Piven, A Professional Corporation, has
commenced an investigation into possible breaches of fiduciary duty
to current shareholders of The Pep Boys -- Manny, Moe & Jack
(“Pep Boys”) (NYSE: PBY) and other violations of state law by the
board of directors of Pep Boys relating to the proposed acquisition
of the company by The Gores Group (“Gores Group”). The firm’s
investigation seeks to determine, among other things, whether the
board breached its fiduciary duties by failing to maximize
shareholder value.
On January 30, 2012, Pep Boys announced that it had entered into
a definitive merger agreement providing for Gores Group to acquire
Pep Boys for $1 billion. Under the terms of the merger agreement,
Pep Boys shareholders will receive $15.00 for each share of Pep
Boys common stock held. However, according to Yahoo! Finance, at
least one analyst has set a high price target of $17.00 per
share.
If you currently own shares of Pep Boys and would like to learn
more about the investigation being conducted by Brower Piven, you
may email or call Brower Piven, who will, without obligation or
cost to you, attempt to answer your questions. You may contact
Brower Piven by email at hoffman@browerpiven.com, by calling (410)
415-6616, or at Brower Piven, A Professional Corporation, 1925 Old
Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven
have combined experience litigating securities and other class
action cases of over 60 years.
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