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
Hiring a third party to come in and mystery shop your stores, both in person and via telephone, will help you see what you can’t see.
Article 71% of Employees are Disengaged: So What Makes You Think Yours are Not?

Do you see what I see? Of course not! If you could see through your customers’ eyes, they would tell you how well, or how poorly, your employees engage customers. It’s not that easy to track, however.

In addition to warning its employees on the dangers of texting and driving, Ramona Tire promotes that message to the public with its “Please make it home safe today” digital billboard on I-215 west of Hemet, Calif. (see sidebar).
Article How Is the ‘Health’ of Your Business Insurance Coverage?

Many of us make it a point to see our doctor for regular checkups. Doing so gives the physician the opportunity to assess the current condition of our health, and gives us a chance to ask questions about medical issues or concerns. A thorough exam can help to diagnose early symptoms and gives the doctor an opportunity to offer recommendations and advice for a healthier lifestyle.

The new G-Max RS is the General brand's first UHP summer tire. The company says its Smart Technologies offer impressive performance in dry and wet conditions while visual alerts provide driving confidence.
Product New G-Max RS UHP Summer Tire Rounds Out General Line

The new G-Max RS is the first General brand tire designed for the ultra-high performance summer tire segment.

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!