Pep Boys likes Carl Icahn’s offer

Activist investor Carl Icahn has raised his offer for the US auto parts retailer to $16.50 per share. Pep Boy’s board of directors has come out in support of the Icahn offer, saying it preferred his offer to the $15.50 per share offer from Bridgestone. Initially, Bridgestone had offered $15 per share, but raised their bid to $15.50 to match Icahn.

Read the full story at Business Insider by Reuters