Pep Boys Calls off Bridgestone Deal as Icahn Raises Bid
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.