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Bridgestone to acquire Pep Boys for $15/share


Bridgestone on Monday said it plans to acquire Pep Boys for about $835 million in cash.

The company will pay $15 a share for the automotive retailer.

Shares of Pep Boys popped more than 20 percent in premarket trading following the announcement. (Get the latest quote here.) The deal represents a 23 percent premium to Friday's closing price.