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Coming Soon: Icahn's Merger With Pep Boys

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After offering $18.50 per share, Icahn Enterprises LP has purchased more than 38 million shares of Pep Boys — Manny, Moe & Jack, and the merging of the two companies will follow "as soon as practicable."

Icahn's tender offer expired at midnight on Feb. 2, 2016. According to filings with the U.S. Securities and Exchange Commission, a total of 38,114,742 shares were validly tendered. (At the offer price, those shares represent $705,122,727.)

Those shares, combined with those already owned by Icahn, represent about 82% of the outstanding shares. Another 1,232,540 shares have been promised with "notices of guaranteed delivery." Icahn notes "payment for such shares will be made promptly."

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