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 |
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.
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.
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.
December 25, 2015 |
Billionaire investor Carl Icahn has set a Christmas Eve deadline on the bidding war for Philadelphia's marginally profitable Pep Boys - Manny, Moe & Jack auto-parts chain. Icahn on Wednesday promised to pay $16.50 a share - or "10 cents more per share" than the rival Bridgestone tire group's best offer - and to increase it to as much as $18.10 a share or more than $1 billion. The catch is that Pep Boys has to agree to his deal by 8 p.m. Thursday. After that, Icahn's proposal would expire.
December 23, 2015 |
Speculators bet Monday that Bridgestone Americas Inc. will top investor Carl Icahn's latest offer for Pep Boys - Manny, Moe & Jack, the Philadelphia-based auto-repair chain, by a Wednesday deadline. Pep Boys stock closed Monday at $16.85 a share, above Icahn's offer of $16.50. Despite its low profitability, the 800-store chain has been trading at its highest prices since 2007, as Icahn and Bridgestone trade bids and push the prospective sale price north of $900 million. Bridgestone, which wants to fold Pep Boys garages into its 2,000-store, Tennessee-based Firestone chain, agreed to pay $15 a share, or $835 million, for Pep Boys in October - not much more than the company's stores are worth, according to analysts at Stifel.
December 11, 2015 |
Bridgestone Corp. has until Friday to beat Carl Icahn's offer of $15.50 a share for Philadelphia-based auto parts and repair chain Pep Boys - Manny Moe & Jack, or Pep Boys will sell to Icahn, the company said Wednesday in Securities and Exchange Commission filings. In October, Bridgestone agreed to pay $15 a share for the chain - more than $800 million, or less than 10 percent above the estimated value of Pep Boys' real estate - pending a financial review. Japan-based Bridgestone hopes to merge Pep Boys' 800 garages and tire and fleet-service business into its own 2,200 Firestone stores.