Pep Boys Intends To Further Review Takeover Offer From Icahn Enterprises
09 Décembre 2015 - 9:03AM
Dow Jones News
(FROM THE WALL STREET JOURNAL 12/9/15)
By Austen Hufford
Pep Boys-Manny Moe & Jack said Tuesday that it would further
consider Icahn Enterprises' proposal to pay $15.50 a share for the
car-parts and repair company, adding that it is likely superior to
its prior merger deal with Bridgestone Corp. of Japan.
U.S.-based Pep Boys also said it hasn't changed its
recommendation toward completing the Bridgestone pact.
Pep Boys reached a deal in October to be acquired by Japanese
tire company Bridgestone for $15 a share, or about $835 million. On
Monday, Icahn Enterprises offered to pay $15.50 a share, which
values Pep Boys at roughly $863 million.
The Bridgestone deal also includes a potential breakup fee of
$35 million.
Pep Boys said Icahn Enterprises' proposal "would reasonably be
expected" to count as a so-called superior proposal. According to
filings, this designation allows Pep Boys to furnish nonpublic
information to, and engage in negotiations with, Icahn
Enterprises.
In a written statement on Monday, Bridgestone Americas said it
made "swift and certain progress" toward completing the acquisition
and "quickly received" regulatory and antitrust approval.
Bridgestone said it is "now in the advantageous position of
completing the tender offer and acquisition in approximately 30
days."
Shares in Pep Boys rose 1.5%, or 24 cents, at $16.30 on the New
York Stock Exchange on Tuesday. The company's stock is up roughly
65% this year. Bridgestone shares closed off less than 1% in Japan
on Tuesday.
(END) Dow Jones Newswires
December 09, 2015 02:48 ET (07:48 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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