Icahn Enterprises Willing to Pay Around $1 Billion for Pep Boys
December 23 2015 - 10:20AM
Dow Jones News
Icahn Enterprises said it is willing to pay around $1 billion
for Pep Boys - Manny, Moe & Jack, as it seeks to upend the
auto-parts and repair chain's deal to sell itself to Bridgestone
Corp.
Icahn said Wednesday that it will pay 10 cents a share more than
any Bridgestone offer, up to $18.10 a share.
Icahn's latest offer is for $16.50 a share. Bridgestone's latest
offer is for $15.50 a share.
Pep Boys said the new offer represents a "superior proposal"
under its merger agreement and that it has notified Bridgestone of
its intent to terminate their deal agreement. Bridgestone now has
until 5 p.m. ET Thursday to make a better offer.
Pep Boys put itself up for sale earlier this year and in October
agreed to sell itself to Bridgestone, a Japanese tire company, for
$15 a share.
In December, Icahn Enterprises, the publicly traded company of
activist investor Carl Icahn, unexpectedly came in with an offer of
$15.50 per share. Icahn Enterprises had been involved in a bidding
process for Pep Boys earlier this year. Both agreements include $35
million breakup fees.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
(END) Dow Jones Newswires
December 23, 2015 10:05 ET (15:05 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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