Investors bid up shares of Pep Boys (Ticker: PBY) to $17.40 Wednesday morning, suggesting they think Bridgestone isn’t going anywhere just yet.
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Icahn’s latest offer for the company is $16.50 per share, or about $900 million, a proposal which the Pep Boys’ board called “superior”, Reuters reports.
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Pep Boys has suffered from lagging sales in its auto-service segment, as well as its do-it-yourself parts business, with fewer drivers repairing their own vehicles.
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On December 22, Pep Boys delivered notice to Bridgestone on its board’s determination and intention to effect a change of recommendation and to terminate the Bridgestone agreement. Shares of the company, whose full name is Pep Boys – Manny, Moe & Jack, closed at $16.89 on Tuesday in NY.
But Icahn, as a major Pep Boys shareholder, has incentive to want to push Bridgestone’s price higher, said Robert Costello, head of $100 million-asset Costello Asset Management in Huntingdon Valley. Icahn Enterprises had been involved in a bidding process for Pep Boys earlier this year.
Icahn launched its latest move to fend off any counter-offer by Bridgestone Americas, according to a Pep Boys 8K filing with the Securities and Exchange Commission.
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Pep Boys, which began in 1921 in West Philadelphia, has sought buyers several times since 2006, including an announced offer in 2012, and its share price has trailed faster-growing competitors such as AutoZone.
