Pep Boys' fall from grace as the former auto parts "Category Killer" began under Mitch Leibovitz's tenor as C.E.O. His one good idea was to upgrade the quality of both new and rebuilt parts. Other than that, he showed very poor judgement, including picking a horrible location for a new store here in California! I've read a few opinions regarding the offer price of $15/share and have an opinion of my own (big surprise). I believe that $18/share is a much more reasonable offer. A forward P.E. of 20 and an estimated forward earnings of .91/share would translate into an $18.20 share price. Also, PBY was at $22 shortly before the economy took a nose dive. Recently, PBY's performance has been improving. I don't think PBY deserves $22/share, but I do believe $18/share is very fair and reasonable. Manny, Moe & Jack are turning in their graves thanks to Mitch Leibovitz!