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Pep Boys to be acquired in $791 buyout
Philadelphia -- The Pep Boys — Manny, Moe & Jack, has agreed to be taken private by private equity firm The Gores Group for about $791 million. The total transaction, including debt, is valued at about $1 billion.
Under the terms of the buyout, the Los Angeles-based Gores Group will pay Pep Boys shareholders $15 a share, 24% above the closing price on Friday.
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Chicago-area report points to growth in new shopping center construction after 2012
Oakbrook, Terrace, Ill. -- A report released Monday by Mid-America Real Estate Corp. suggested that new shopping center construction in and around Chicago could ramp up significantly after this year.
According to the 2011-12 Chicagoland Shopping Center Report, with a 13.4% decrease in new shopping center GLA in Chicagoland last year, 2011will likely mark the bottom of a four-year decline in retail center construction. After a flat 2012, shopping center development could double in 2013, according to Andy Bulson, author of the report.