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