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Pep Boys - Manny, Moe & Jack Message Board

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  • shorthighcoverlower shorthighcoverlower Jan 9, 2010 11:12 AM Flag

    stock buyback in the works? Danin?

    wow..they buy it back at $18 a share, but refrain from buying it at $3 a share. That is pure insanity. I thought the name of the game was to buy low and sell high?

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    • There is a lot more history to it. It was when Pirate and Barrington together owned as I remember over 20% of the company and they hired an outside investment banker (I believe Goldman Sachs) to explore options.......there were no "acceptable" bidders. The word was they wanted about $24 a share and nobody would come close. Nobody wants the current albatross. I play it as an "unlocked values" play mainly real estate....with the hope I own a chunk of it when BOD's wakes up and spins something off that materially enhances the total value. If they really wanted to focus on service, they should sell off the retail and disburse proceeds to shareholders (probably $5-8 a share) just for retail or use the money to grow service by acquisitions and organic growth. Current business model is not working. I think the new COB will figure it out. The sum of the pieces is worth far more than the whole in PBY's case and keeps serious bidders away. DaninFW