UPDATE 1-Pep Boys revises shareholder rights plan


(Adds background in paragraphs four through six) BOSTON, Aug 21 (Reuters) - Auto parts retailer Pep Boys-Manny, Moe & Jack on Monday said it had modified its shareholder rights plan. The company did away with a rule that required takeover proposals to be approved by directors independent of the company proposing to acquire the retailer. It also established a rule requiring a committee of independent directors to meet at least once every three years to review the terms of the ...

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