Tag Archives: pep boys

Icahn Buys RPM Automotive

The undisclosed deal expands its presence in the Southeastern U.S., by 10 locations and more than 100 service bays. Headquartered in Jacksonville, Fla., RPM Automotive claims a reputation for “its exceptional customer service and quality work on all makes and models, including luxury vehicles and large fleets.” Continue reading

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Pep Boys Sold to The Gores Group for $800 Million

The proposed transaction has already interested at least one legal firm trolling for business. Tripp Levy, a securities law firm, immediately put out a notice to investors that there are “potential claims of breaches of fiduciary duty and other violations of state law” against the board of directors of Pep Boys in connection with the sale. There likely will be more such allegations from firms looking to garner legal fees.

However, the agreement does provide for a 45-day “go-shop” period and contains customary closing conditions, including receiving the approval of Pep Boys’ shareholders and all applicable regulatory approvals. A special meeting of Pep Boys’ shareholders will be held following the filing of a definitive proxy statement with the U.S. Securities and Exchange Commission. Continue reading

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Chinese Maker to Pay EPA $680,000 Fine for Dirty ATVs

The U.S. Environmental Protection Agency today announced a $680,000 settlement with recreational vehicle manufacturers, Loncin (USA), Inc., Longting USA LLC, and Chongqing Longting Power Equipment Co., Ltd., to resolve violations of the Clean Air Act (CAA) caused by the import of 7,115 uncertified recreational vehicles into the United States. It was the latest in a series of actions against the Chinese company and its agents. Continue reading

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