Bridgestone Raises Offer for Pep Boys to $947M
NEW YORK – Bridgestone has raised its offer for Pep Boys to $947 million, topping a sweetened bid for the auto parts seller from activist investor Carl Icahn.
The tire company’s bid is $17 per share from $15.50 per share.
Pep Boys’ board of directors on Thursday recommended that shareholders accept the offer, and says it no longer deems the Icahn bid “superior.”
Bridgestone and Icahn have been dueling for Pep Boys, a Philadelphia company with about 800 outlets selling auto parts and offering vehicle maintenance.
Icahn Enterprises had offered $16.50 for each share of Pep Boys on Friday, in a deal worth about $893 million. Icahn previous offered $15.50 per share, and Bridgestone matched that offer shortly after.
Pep Boys shares had closed up 11 cents to $17.51 Thursday.