What: Shares of Pep Boys-Manny, Moe & Jack (NYSE:PBY) were up more than 23% early Monday after it agreed to be acquired by Bridgestone.

So what: Specifically, Pep Boys will be acquired by Bridgestone Americas subsidiary Bridgestone Retail Operations, LLC for $15 per share in cash, valuing the company at roughly $835 million. That's a roughly 23.5% premium over the previous closing price, and a 62.2% premium over Pep Boys' closing price of $9.25 per share on May 19, 2015 -- when shares began to climb following speculation surrounding a potential merger.

"We are excited to join the Bridgestone family of companies to become part of the world's largest company-owned tire and automotive service retail network," stated Pep Boys CEO Scott Sider. "This transaction delivers a significant premium for Pep Boys' shareholders and offers new opportunities for our employees across a bigger business."

"Bridgestone and Pep Boys are two leading companies that are a proud heritage in the American automotive services industry," added Bridgestone Americas CEO Gary Garfield. "Our shared expertise and commitment to our customers and employees will help us build an even stronger organization."

Now what: Expected to close in the beginning of 2016, the transaction will accelerate Bridgestone Retail's growth strategy by increasing its nationwide network of 2,200 service centers by roughly 800 locations, good for immediate growth of over 36%. But given the all-cash nature of the deal, and with shares now trading at almost exactly the acquisition price, I think Pep Boys shareholders would be wise to take today's quick profits and put them to work elsewhere.

Steve Symington has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.