Peyton Reed is in final negotiations to direct “East Bound and Down” for Universal Pictures from a script by Adam Herz (“American Pie”).Pic will be produced at U by Marc Platt. This is the helmer’s followup to his forthcoming feature directing debut, U/Beacon’s “Bring It On,” which stars Kirsten Dunst and is due in theaters on Aug. 25. Project overseers For U, project will be overseen by execs Stacey Snider, Kevin Misher and Allison Brecker. Story, described as a loose remake of “Smokey and the Bandit,” centers on two friends whose mission is to take a truck load of beer from Texas to Georgia in less than a day in order to win a large bounty. Reed is repped by Broder, Kurland, Webb & Uffner, manager Pat Faulstich and attorney Robert Offer at Bloom, Hergott, Diemer and Cook.