Retail

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: Bridgestone Americas Tire Operations, Carl Icahn, mergers and acquisitions, Pep Boys, Pep Boys financials, stock prices

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