Battle For Pep Boys Intensifies
22 Décembre 2015 - 9:03AM
Dow Jones News
(FROM THE WALL STREET JOURNAL 12/22/15)
By Austen Hufford
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 had deemed the offer by
Icahn a "superior proposal" and gave Bridgestone until Wednesday at
5 p.m. ET to respond.
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 an agreement in October to be
acquired by Japanese tire company Bridgestone for $15 a share, or
about $835 million.
In December, Icahn Enterprises 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 the higher price.
(END) Dow Jones Newswires
December 22, 2015 02:48 ET (07:48 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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