Activist investor Carl Icahn appears to have made the winning bid for Pep Boys — Manny, Moe & Jack, an auto parts retailer — after Bridgestone said on Tuesday evening that it would not increase its offer.
Pep Boys shares shot up 8.8 percent on Tuesday after Icahn Enterprises said that it had raised its bid to US$18.5 per share in cash, valuing Pep Boys at about US$1 billion.
Pep Boys said its board received the offer on Monday afternoon and that it had determined it was superior to an earlier offer it had accepted from Japanese tire maker Bridgestone.
Photo: Bloomberg
The board notified Bridgestone that it was terminating their agreement, Pep Boys said in a statement on Monday, which was included in a securities filing on Tuesday.
After the close of the stock market on Tuesday, Bridgestone announced that it would not make a counteroffer in response to Icahn Enterprises’ latest bid.
The bidding war between Icahn and Bridgestone began in October with Bridgestone’s offer of US$15 per share. The two bidders have been back and forth since, intensifying their activity in recent weeks.
Bridgestone last week raised its offer to US$17 per share and increase the termination fee to US$39.5 million from US$35 million.
Pep Boys, based in Philadelphia, put itself on the market in June. Icahn has a 12.1 percent stake in the company.
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