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.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
