It's Over! Icahn Enterprises Outbids Bridgestone for Pep Boys

Posted on December 29, 2015

The bidding over Pep Boys-Manny, Moe & Jack was similar to a boxing match, with Carl Icahn finally knocking out Bridgestone Americas Inc.

Icahn Enterprises has won the fight against Bridgestone for Pep Boys, and will expand his reach in the auto parts business.
Icahn Enterprises has won the fight against Bridgestone for Pep Boys, and will expand his reach in the auto parts business.
Following an aggressive per share bid for Pep Boys' outstanding common stock by Icahn Enterprises L.P. -- $1.50 more per share more than the previous bid -- Bridgestone has officially declined to counter.

"Bridgestone Retail Operations LLC, a wholly owned subsidiary of Bridgestone, will not present a counter offer to acquire The Pep Boys–Manny, Moe & Jack, in response to the most recent proposal from Icahn Enterprises L.P. of $18.50 per share," said Bridgestone in an official statement.

At this point, approval by the shareholders is just a formality. So assuming no other company comes in at the last minute and snipes him, Icahn will buy Pep Boys and its 800-plus stores for just over $1 billion. That's close to $165 million more than Bridgestone's original offer.

On Dec. 30, according to a U.S. Securities and Exchange Commission filing, Pep Boys officially terminated its agreement with Bridgestone, and paid the tire maker the $39.5 million termination fee.

For more information on the fight for Pep Boys, check out these links:

"Pep Boys Deal Isn't Over Yet: Icahn Increases Bid Again."

"Merry Christmas, Pep Boys: Bridgestone Ups Stock Bid."

Related Topics: acquistions and mergers, Bridgestone Americas, Carl Icahn, Pep Boys, Pep Boys financials, stock prices

Comments ( 0 )
More Stories
News Hankook Offers Rebate on 8 Tire Patterns

Hankook Tire America Corp. is offering consumers a $50 rebate on certain purchases of four passenger and light truck tires from May 21 to July 13, 2018.  

News Tiremetrix Provides Dealers Free Tire Recall, Tire Aging Lookup Service

During National Tire Safety Week (NTSW) software provider Tiremetrix LLC will provide tire dealers and auto service providers with a free web-based database to check for tire recalls and tire aging issues.  

News Bauer Built Awards Scholarships for 25th Consecutive Year

The founders of Bauer Built Inc. are gone but not forgotten. The G. F. “Sam” and Ethel V. Bauer/Bauer Built Inc. Scholarship Award sees to that.

Be the First to Know

Get the latest news and most popular articles from MTD delivered straight to your inbox. Stay on top of the tire industry and don't miss a thing!