NASHVILLE, Tenn.Bridgestone Americas Inc.'s bid to buy Pep Boys - Manny, Moe & Jack has cleared the first regulatory hurdle, passing the review period mandated by the Hart-Scott-Rodino Antitrust Improvement Act of 1976.
The HSR Antitrust Improvements Act requires any investor seeking to acquire a 15-percent stake or a stake valued at more than $15 million in a security to file with the government.
The form is called a premerger notification report, with the filing marking the beginning of the 30-day review. In this case, the review period lapsed early, Bridgestone said.
Bridgestone disclosed on Nov. 16 that it had commenced, through its TAJ Acquisition Co. subsidiary, a cash tender offer to purchase all outstanding shares of Pep Boys for $15 a share.
The tender offer is set to expire at 5 p.m. EST on Jan. 4, 2016, Bridgestone said, unless the offer period is extended in accordance with the definitive merger agreement and the applicable rules and regulations of the Securties and Exchange Commission.
The completion of the tender offer will be conditioned on Pep Boys' shareholders tendering at least a majority of Pep Boys' outstanding shares, determined on a fully diluted basis, and other customary closing conditions.