Billionaire investor Carl Icahn has raised his offer for the Pep Boys automotive aftermarket chain in the US. The move caused the chain to terminate its agreement to be acquired by Bridgestone.

Icahn offered to acquire Pep Boys for US$16.50 a share in cash, or US$919m on a fully diluted basis according to a filing with the Securities and Exchange Commission.

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The bid surpassed Bridgestone’s previous proposal to acquire Pep Boys for US$15.50 a share in cash. Mr. Icahn’s offer added $56 million in value to the transaction and was seen as superior by Pep Boys’ board.

Bridgestone was seeking to add Pep Boys’ 7,500 service bays in 800 locations to its 2,200 tyre and automotive centres.

Shares of Pep Boys jumped following the news.

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