March 11, 2016 |
Billionaire investor Carl Icahn has tapped a team of Georgia- and Florida-based executives to run his auto-parts group, including his newly acquired Pep Boys stores, garages and warehouses, decapitating the company's former Philadelphia-based top management group. New CEO Brent Windom and six of the seven other bosses named to run the combined Pep Boys stores and Auto Plus parts distributors are bosses at Georgia-based Auto Plus. Among Pep Boys' top executives, only service chief John Holt , who joined the company from Hertz last summer and has worked from an office in Florida, will keep his job for the combined companies, according to a statement from their new headquarters at the Kennesaw, Ga., offices of Auto Plus.
March 8, 2016 |
It's not enough that hedge fund managers have lately pushed DuPont, Pep Boys, Mondelez (Nabisco), and other big old-line Philadelphia-area employers to sell, slim, or shut operations here. The hedgies are now chasing the region's handful of successful tech companies. Qlik Technologies, a Radnor-based, 2,000-worker data-visualization software company that helps clients sort masses of customer data, has been targeted by veteran corporate raider Paul Singer's Elliott Management Corp.
March 5, 2016 |
Checkpoint Systems Inc., the Gloucester County company that supplies retail stores with electronic pricing and security tags and readers, has agreed to be acquired by Canada-based label and packaging maker CCL Industries Inc. for $443 million in cash, or $10.15 a share. Checkpoint CEO George Babich, who headed Pep Boys in the early 2000s, called the price "highly attractive. " However, the sale price is less than the company's value from 2013 until spring 2015. The proposed price is already being questioned by NorthStar Partners, a Westport, Conn., company that owns nearly 4 percent of Checkpoint.
January 18, 2016
Harold Epps, Mayor Kenney's commerce director, wants to persuade the new owner of Pep Boys - Manny Moe & Jack, the profit-challenged, 800-store auto-parts retailer and garage chain, to keep the company's headquarters and 500 managers and support workers in Philadelphia. It's one in a long line of appeals that worried communities have made to billionaire investor Carl Icahn, who has forced restructuring, layoffs, and break-ups at Motorola, eBay, Gannett, and dozens of U.S. firms in recent years.
January 10, 2016
In the Region Crozer-Keystone Health sold Crozer-Keystone Health System signed a definitive agreement to be acquired by for-profit Prospect Medical Holdings Inc. of Los Angeles, the Delaware County organization said Friday. The nonprofit system includes Crozer-Chester Medical Center, Delaware County Memorial Hospital, Taylor Hospital in Ridley Park, Springfield Hospital in Springfield, and Community Hospital in Chester. Prospect has agreed to invest at least $200 million during the next five years in Crozer facilities, which have been starved of capital investment, according to Moody's Investors Service . Prospect, which owns 13 hospitals in California, Texas, and Rhode Island, also agreed to provide $100 million for Crozer's pension liability and will pay all benefits to beneficiaries within five years of closing, Crozer said.
January 2, 2016 |
As the epidemic of addiction to prescription pain medications gained ever more national attention last year, a Wayne drug firm developing painkillers designed to be less prone to abuse had the best-performing stock in the Philadelphia region. Shares of Egalet Corp., which employs 50 locally, soared 94 percent, to $11.02 from $5.59. Egalet generated its first revenues, from licensed products, in 2015 and applied last month for Food and Drug Administration approval of a morphine tablet that can't be chewed or crushed and snorted, which is one way addicts get a quicker high.
January 1, 2016 |
Billionaire investor Carl Icahn's investment firm and Philadelphia-based Pep Boys - Manny, Moe & Jack said Wednesday that they had reached a deal in which Icahn will buy the iconic but profit-challenged 801-store auto parts, tires, and repair chain for $1 billion, or $18.50 a share. The cash price is $3.50 a share, or about $150 million, more than Japan-based tire giant Bridgestone agreed to pay for Pep Boys in October. It is also double what Pep Boys was worth on the stock market last spring, before New York investor Mario Gabelli, whose specialties include auto-related stocks, forced Pep Boys to put three of his allies on its board and pressured the company into promising to look for a buyer.
January 1, 2016 |
For the first time, global corporate dealmaking topped $5 trillion this year as companies paid dearly for growth in a slow economy. The total represented a 37 percent increase from 2014, according to financial data firm Dealogic. That was thanks to a large number of megadeals worth $10 billion or more, including two in pharmaceuticals and beer, worth more than $100 billion. The $65.59 billion merger announced this month between Dow Chemical Co. and Wilmington's DuPont Co., among the top 10 globally, accounted for more than half the $113.4 billion worth of deals this year involving Philadelphia-area companies, data from Bloomberg L.P. showed.
December 30, 2015 |
Billionaire investor Carl Icahn on Monday upped the ante in his bid to win Pep Boys - Manny, Moe, and Jack, offering $18.50 a share in cash, or more than $1 billion. In a news release issued Monday evening, the Philadelphia-based auto supply and repair chain said its board of directors, after consulting with its legal and financial advisers, had determined that the new offer from Icahn Enterprises constituted a "superior proposal" as defined in its agreement and merger plan with Bridgestone Retail Operations L.L.C.
December 26, 2015 |
Philadelphia's iconic Pep Boys - Manny, Moe & Jack automotive-parts chain has agreed to a $947 million takeover offer from Bridgestone Corp., shunning a competing bid from billionaire investor Carl Icahn, who had promised a higher price. Pep Boys said Thursday evening in a statement that its board no longer considered Icahn's most recent offer - which included a vow to beat any bid up to $1.01 billion - a superior proposal. The agreement shows that Pep Boys is willing to accept a lower price to complete the tie-up with Japan-based Bridgestone, which runs the 2,000-garage Firestone chain from offices in Tennessee.