Bridgestone Americas has come back with an increased offer for The Pep Boys- Manny, Moe & Jack acquisition on Dec. 24. Following an increased offer by Carl Icahn’s Icahn Enterprises, Bridgestone agreed to pay $17 a share for Pep Boys in the eleventh hour.
This increase in bid from $15.50 to $17 a share adds approximately $84 million to the price of Pep Boys. The tiremaker will now pay roughly $947 million for the chain.
Don’t expect this bidding war to be over just yet. Prior to the most recent agreement between the tire maker and Pep Boys, Carl Icahn said he’d continue to bib up to $18.10 a share for Pep Boys in a filing with the Security Exchange Commission.
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For now Bridgestone’s hopes of owning Pep Boys are still alive. The purchase will add approximately 800 locations to Bridgestone Retail Operations’ nationwide network. Currently, BSRO operates approximately 2, 200 tire and automotive service centers under Firestone Complete Auto Care, Tires Plus, Hibdon Tires Plus and Wheel Works brands.
