Pep Boys Calls off Bridgestone Deal as Icahn Raises Bid

Dec. 29, 2015

Dec. 29, 2015—Three days after accepting a $947 million buyout offer from Bridgestone Corp., Pep Boys announced late Monday that the deal was off following a new offer from investor Carl Icahn of Icahn Enterprises, according to a report by Automotive News.

Icahn raised his previous offer for Pep Boys to $18.50 per share in cash, which equates to more than $1 billion.

Pep Boys said in its Monday announcement that its board determined Icahn’s new offer was a superior proposal and that it has moved to terminate its previous agreement with Bridgestone.

Bridgestone now has until 5 p.m. on Thursday to respond with a new offer.

Sponsored Recommendations

Free Resources for Shops Like Yours

View insights, research and solutions curated specifically for shops like yours.

Restore & Protect: The Powerful Revenue and Profit Accelerator for Your Business

Restore & Protect is a major business opportunity for Valvoline installers with positive impact on profit growth as well as customer satisfaction and loyalty.

Deliver a First-Class Guest Experience

Our dedicated Valvoline Trusted Advisor Sales and Support Team provides hands-on classroom and targeted in-store coaching to help your employees become more skilled at selling...

Promote Growth on Two Fronts: Existing and New Customers

Increase Sales and Customer Traffic To Your Store(s).