Bridgestone Corp. agreed to buy the Pep Boys (NYSE: PBY) retail chain for about $835 million, pushing deeper into an auto-parts industry that has benefited from Americans keeping their cars on the road longer.

The takeover price amounts to $15 a share in cash, the companies said in a statement on Monday. That represents a 23 percent premium over Friday’s closing price of $12.15 and is 62 percent over where it traded on May 19, before speculation about a possible sale started.

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