Dec. 22, 2015—On Monday, The Pep Boys announced that its board of directors determined that a proposal received Friday evening from Icahn Enterprises L.P. to acquire Pep Boys for $16.50 per share in cash was superior to Bridgestone’s proposal of 15.50 per share.

Pep Boys delivered notice to Bridgestone of its intention to terminate the previous agreement. The notice allows Bridgestone until Wednesday evening to make additional proposals to Pep Boys.