Pep Boys Opts for $947M Deal with Bridgestone
Dec. 28, 2015—Pep Boys turned down a higher offer from Icahn Enterprises and agreed to a lower buyout offer last week from Bridgestone Corp., according to multiple reports.
The final Bridgestone offer came out to $947 million, or $17 per share.
Renowned investor Carl Icahn of Icahn Enterprises has previously vowed to exceed any Bridgestone offer by 10 cents per share, up to $18.10—a $1.01 billion value.
Pep Boys operates more than 800 stores in 30-plus states, and has a total of 7,500 service bays at its locations.
That will add substantially to Bridgestone's already 2,200 locations nationwide.