Friday, August 18, 2006

Pirate Capital LLC Raises its Stake in Pep Boys (PBY) From 8.3% to 9.8%

In a 13D filing on Pep Boys (NYSE: PBY), Pirate Capital LLC disclosed a 9.8% stake (5.3 million shares) in the company, this is up from the 8.3% stake the firm disclosed in a past filing.

Pirate Capital has been calling for a sale of the company, a process which ended on Tuesday (08/15) with no transaction.

Interesting to note is that Pirate added a large portion of the new shares purchased even after the news of the failed auction. The firm disclosed purchases of 504,718 shares from 08/16-08/17.

Pirate could be encouraged that Pep Boys has committed to revisiting strategic alternatives when operating results have improved.


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