In announcing its new offer Monday, Icahn Enterprises said it would be willing to pay the higher price, as long as Pep Boys did not increase above the current $39.5 million the penalty it has to pay Bridgestone for selling to anyone else.
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Prior to the most recent agreement between the tiremaker 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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That worked against Pitt – Fuller thoroughly torched Pat Narduzzi’s stubborn cover-zero scheme – but didn’t against Clemson. Redshirt sophomores Donovan Munger and Tracy Sprinkle may also be called on to fill the void provided by Schutt’s injury.
Bridgestone on Dec 24 had raised its offer by $1.50 to $17 per share, valuing the company at about $947 million. IHS had acquired Carfax in July 2013.
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Bridgestone’s latest offer to buy control of Pep Boys is set to expire at midnight, EST, on January 12.
Given Icahn’s commitment to match and beat Bridgestone past $18 per share, it would appear to be only a matter of time before the tire maker’s leadership is again forced to make a decision on hiking its bid for Pep Boys.
The submitted negotiated transaction with Pep Boys “would not be subject to any due diligence financing, or antitrust conditions, according to the firm”.
Both Icahn and Bridgestone are looking to expand presence in the automotive and tire fix sector by adding the 800 Pep Boys locations across over 30 USA states. In a statement earlier Monday, Pep Boys said discussions with Icahn’s companies about his former offer had ended.
Rothschild is the financial adviser to Pep Boys, and Morgan, Lewis & Bockius LLP is legal adviser. The activist investor is now willing to purchase the automotive aftermarket service and retail company for $18.50 per share in cash, up from his $16.50 per share bid last week. The company operates 2,200 USA tire and vehicle service centers under the Firestone Complete Auto Care, Tires Plus, Hibdon Tires Plus and Wheel Works brands.
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In a statement, Stu Crum, president of Nashville-based Bridgestone Retail Operations, said a merger would unite two companies that claim roots in the early days of the American auto industry.
