The Gores Group and automotive aftermarket service and retail chain The Pep Boys – Manny, Moe & Jack (NYSE: PBY) have agreed to terminate the proposed acquisition of Pep Boys by The Gores Group. The transaction, which had a total enterprise value of $1 billion, was announced back in January. As part of the termination, The Gores Group will pay Pep Boys a $50 million fee and reimburse the company for certain merger-related expenses.
