Icahn Enterprises raised its bid for Pep Boys — Manny Moe & Jack to $16.50 a share, or about $919 million, continuing its tussle with Bridgestone Corp. for the auto-parts and repair chain.

Pep Boys also said Monday that its Board of Directors had deemed the offer by Icahn a "superior proposal" and gave Bridgestone until Wednesday at 5 p.m. ET to respond.

In a statement, Bridgestone acknowledged the competing offer, but said it continues to believe its deal with Pep Boys is good for the combined businesses.

Pep Boys reached a deal in October to be acquired by Japanese tire company Bridgestone for $15 a share, or about $835 million.

In December, Icahn Enterprises, which was involved in the bidding process earlier this year, unexpectedly made a new offer after the Bridgestone deal was announced of $15.50 per share, or about $863 million. In response, Bridgestone and Pep Boys reached a new agreement in mid-December at this higher price. Both deals include a $35 million breakup fee.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

December 21, 2015 10:15 ET (15:15 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
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