Icahn Trumps Both Bridgestone and Ulrich
With his $1 more per share bid for Pep Boys-Manny, Moe & Jack, Carl Icahn has thrown the gauntlet at Bridgestone Americas Inc.
He also has turned the tables on Modern Tire Dealer Editor Bob Ulrich, who seemed to count out Icahn in a Dec. 17 blog.
To recap, Ulrich looked at the Securities and Exchange Commission files and other sources and determined the Bridgestone purchase of Pep Boys was, for all intents and purposes, a "done deal." However, a helpful "acquisitions and mergers guy" (that is his official title) pointed out a flaw in Ulrich's interpretation of Article I, Section 1.6 of Pep Boys' Dec. 14, 2015, SEC Form 8-K filing.
The result: Icahn and Icahn Enterprises L.P. are back in the running to acquire Pep Boys.
For a more in-depth look at the situation, check out Ulrich's latest blog, "Icahn Ups His Pep Boys Bid in Icahn vs. Ulrich, Round 2."
There is also a link to the previous blog, which outlines the Bridgestone vs. Icahn Enterprises battle for Pep Boys.
Do you think the bidding will go even higher? Is Bridgestone preparing to match Icahn's bid? Read Blog 1 and Blog 2 and let us know what you think (even about Ulrich as a prognosticator) by leaving a comment!