Pep Boys Opts for $947M Deal with Bridgestone

Dec. 28, 2015

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.

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