Owning 7% of Pep Boys, here's what Glenhill as to say on its Pep Boys activist stake:
The Reporting Persons, long term investors of the Issuer having first acquired securities of the Issuer over a decade ago, purchased the securities of the Issuer reported herein based on the Reporting Persons’ belief that such securities, when purchased, represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of securities of the Issuer at prices that would make the purchase or sale of such securities desirable, the Reporting Persons may endeavor from time to time (i) to increase or decrease their respective positions in the Issuer through, among other things, the purchase or sale of securities of the Issuer on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable and/or (ii) to enter into transactions that increase or hedge their economic exposure to the securities of the Issuer without affecting their beneficial ownership of the Common Stock.
In light of the recent announcement by GAMCO Asset Management Inc. of an intention to nominate individuals for election to the Board of Directors of the Issuer (the “Board”) and recent press reports of potential purchasers interested in acquiring the Issuer, the Reporting Persons may choose to respond to overtures from and engage in a dialogue with the Issuer and others concerning the best future plans for the Issuer. The Reporting Persons believe that constructive engagement may be useful in encouraging an outcome that is in the best interest of all shareholders.