Pep Boys says Icahn offer is superior, moves to terminate Bridgestone deal
- 8 years ago
Pep Boys - Manny, Moe & Jack said its board determined activist investor Carl Icahn's latest buyout offer was superior to the deal it accepted from Bridgestone, and the U.S. auto parts retailer moved to terminate the Bridgestone agreement.
Icahn's latest bid of $18.50 per share on Monday values Pep Boys at about $1 billion, while Bridgestone's previous offer of $17 per share valued the company at about $947 million.
The auto parts retailer has been on the block since June, when it said it was considering selling itself as part of a strategic review.
Pep Boys stock jumped to 18.50 in after-hours trading from a close of 17.39.
Icahn's latest bid of $18.50 per share on Monday values Pep Boys at about $1 billion, while Bridgestone's previous offer of $17 per share valued the company at about $947 million.
The auto parts retailer has been on the block since June, when it said it was considering selling itself as part of a strategic review.
Pep Boys stock jumped to 18.50 in after-hours trading from a close of 17.39.