Bridgestone will decide by the end of the year whether it will top Carl Icahn’s bid for Pep Boys after the billionaire investor raised his offer for the car-parts chain to more than $1 billion.
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Pep Boys shares fell about 3 percent in morning trading on Wednesday, while Icahn Enterprises shares declined about 1 percent. The deal between Pep Boys and Bridgestone included a termination fee that was increased in the last agreement between the two companies to $39.5 million. Icahn Enterprises, after mulling a purchase of Pep Boys earlier in the year, stepped up its bids to acquire the company this month, forcing Bridgestone to make stronger offers.
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During the December bidding war over the autoparts seller, whose full name is Pep Boys – Manny, Moe & Jack, Bridgestone eventually pushed its bid up to $17 a share.
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The auto parts and services company considers Carl Icahn’s $1 billion buyout offer superior to a rival offer from Bridgestone. Zacks Investment Research upgraded Pep Boys-Manny Moe and Jack from a “hold” rating to a “buy” rating and set a $13.00 target price on the stock in a research report on Monday, September 7th. The Company’s Supercenters also have a commercial sales program delivers parts, tires and equipment to automotive fix shops and dealers.
Icahn’s Icahn Enterprises will buy the auto parts retailer for $18.50 per share.
Icahn Enterprises shares were down 1.5% in early trade. Over the last few weeks, Bridgestone matched Icahn’s offer at $15.50, was outbid again and finally offered $17 per share.
“There are tremendous opportunities for Pep Boys and Auto Plus, a company that shares Pep Boys’ unwavering commitment to best-in-class customer service and solutions”.
Bridgestone and Icahn Enterprise were not immediately available for comment.
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Nashville, Tennessee-based Bridgestone now operates a nationwide network of 2,200 tire and automotive service centers including 43 Firestone Complete Auto Care locations in New Jersey. The tender offer transaction among Pep Boys, Bridgestone Retail Operations, LLC (BSRO) and TAJ Acquisition Co.
