NEW YORK ( TheStreet) -- Pep Boys (PBY), the automotive service and retail chain, announced Monday that it will be acquired by the Gores Group, an investment firm led by billionaire Alec Gores, for about $1 billion.
Pep Boys will be acquired for $15 a share in cash, a 24% premium over Friday's $12.08 closing price.
Pep Boy's board unanimously approved the deal, which must now go to shareholders for approval.
Pep Boy shares were surging 24% to $15 in premarket trading Monday.
Switzerland's ABB reached an agreement to buy electrical parts maker Thomas & Betts (TNB) for $3.9 billion. Thomas & Betts is being bought for $72 a share, a 24% premium to its closing price Friday of $57.95.
Thomas & Betts shares were soaring 22% to $70.87 in premarket trading Monday.
Wendy's (WEN - Get Report) said Monday that preliminary fourth-quarter income from continuing operations fell to $4.3 million from $6.1 million last year as rising commodity costs and increased marketing efforts pressured its bottom line. Adjusted earnings per share rose 1 cent to 4 cents a share, in line with analyst estimates, according to Thomson Reuters. The fast-food chain will announce final results for the quarter on March 1. Wendy's shares were dropping 2.1% to $5.10.
Citigroup (C - Get Report) Chairman Richard Parsons is considering stepping down after three years in the post, The Wall Street Journal reported, citing people familiar with the situation. Parsons, 63 years old, is expected to decide by early March, these people said. Regardless of his decision, the bank expected to keep the posts of chairman and CEO separate, the newspaper said. The shares were slipping 0.7% to $30.67 in premarket trading.
Bank of America (BAC - Get Report) plans to change the leadership structure of its investment-banking business, the Journal said. The bank plans to name Christian Meissner to be sole head of investment banking, according to the report from the newspaper. The move would change the current structure, in which Meissner, Michael Rubinoff and Paul Donofrio are co-heads of global corporate and investment banking, the report said. That structure was put in place last April. Bank of America shares were down 2.5% to $7.11.
Philips Electronics (PHG - Get Report), the world's biggest lighting maker, swung to a fourth-quarter loss of €160 million ($211 million), a reversal from a year-earlier profit of €465 million. Revenue rose 3.3% to €6.79 billion. Philips said its outlook for 2012 is clouded due to "uncertainty in the global economy, and Europe in particular." Philips shares were falling 2.7% to $19.82.
Apollo Global Management (APO - Get Report) is leading a group of investors that has become the lead bidder for El Paso's (EP) oil-exploration unit. The group is in advanced talks to buy the unit for about $7 billion, according to the Journal, which cited people familiar with the situation.
Motorola (MSI - Get Report) announced Monday its stock buyback authorization has been increased to $3 billion from the $2 billion announced in July. The Schaumburg, Ill.-based company said it will have $1.9 billion for repurchasing this year after buying back $1.1 billion worth of shares through Dec. 31.
British and Swiss regulators are likely to begin enforcement proceedings against UBS and penalize the Swiss bank for gaps in oversight that allowed a London trader to make unauthorized trades last year that caused $2.3 billion in losses, the Journal reported, citing people familiar with the situation.
Gannett (GCI - Get Report), the newspaper publisher, is expected by analysts Monday to post fourth-quarter earnings of 70 cents a share. -- Written by Joseph Woelfel and Kaitlyn Kiernan
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