Pep Boys: Manny, Moe & Jack reportedly announced late Monday that Carl Icahn’s latest offer, which valued the company at just above $1 billion, was superior to Bridgestone’s offer and the board would move to terminate its prior agreement with the Japanese company.
Billionaire investor Carl Icahn escalated an ongoing bidding war over the U.S. auto parts-retailer Pep Boys earlier Monday, raising his offer to $18.50 per share, comfortably above Bridgestone’s rival offer of $17 per share. The bid was Icahn’s third for the company since Bridgestone’s initial offer of $15 per share in October.
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According to a Wall Street Journal report, during the bidding war, Icahn Enterprises and Bridgestone discussed a back-to-back transaction where the winning bidder would sell off some assets to the other party. Icahn would get the retail business while Bridgestone took over the service business. However, this idea was later scrapped by Bridgestone while announcing its October proposal.
