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Pep Boys Calls off Bridgestone Deal as Icahn Raises Bid

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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.

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