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Icahn raises bid for Pep Boys to $18.50/share

2015-12-29 18:46:01| Auto Parts - Topix.net

Icahn Enterprises L.P. has raised its offer for Pep Boys Manny, Moe & Jack by $2 a share to $18.50, topping Bridgestone Americas Inc.'s last bid by $1.50 and pushing the equity value of Pep Boys past $1 billion. Pep Boys' board of directors has declared the bid a "superior proposal" and notified Bridgestone of its intention to terminate its Dec. 24 agreement with the Nashville, Tenn.-based tire maker.

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