Insurgent Carl Icahn Sweetens Pep Boys Bid to $1 Billion

The board of Pep Boys (PBY) said on Wednesday that they support a newly sweetened offer by billionaire insurgent Carl Icahn.
Author:
Publish date:

The board of Pep Boys-Manny Moe and Jack (PBY) said on Wednesday that they support a newly sweetened offer by billionaire insurgent Carl Icahn who hiked his bid to acquire the auto parts and services company from $919 million to as much as $1 billion. Icahn said late Tuesday that he is offering either $16.50 a share, a bid he made over the past weekend, or $0.10 a share more than any bid made by a unit of Bridgestone Corp., which is also seeking to acquire Pep Boys, to as much as $18.10 a share or about $1 billion. Pep Boys on Monday already called Icahn’s $919 million offer a 'superior proposal' and on Wednesday said it continues to believe his latest sweetened offer is superior. Pep Boys also tentatively terminated an $18.50 a share, or $863 million dollar deal it had struck with Bridgestone Americas earlier this month. The Deal's Jennifer Tekneki reports from New York.