If Icahn completes the deal for Pep Boys, it will signal a return to his 1980s corporate raider days. The Japanese tire manufacturing company’s BSRO agreed to acquire Pep Boys for $17 per share or approximately $947 million.
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From a total of 4 analysts covering Pep Boys-Manny Moe and Jack (NYSE:PBY) stock, 1 rate it a “Buy”, 2 a “Sell”, and 1 a “Hold”.
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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.
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Late Tuesday, Bridgestone indicated it was bowing out of the bidding war, saying it won’t make a counter offer to top Icahn’s latest.
Bridgestone’s decision, which it announced in a statement after the close of US trading on Tuesday, follows an $18.50-a-share bid announced by Icahn’s investment firm on Monday.
Pep Boys said that it has informed Tokyo-based Bridgestone about the new offer from Icahn. Bridgestone Corp said it has no plans to revise its offer higher for Pep Boys.
Earlier in October, Bridgestone was about to purchase Pep Boys for $15 per share.
Pep Boys-Manny Moe and Jack (NYSE:PBY) last released its quarterly earnings data on Monday, December 7th.
The merger is expected to close in the first quarter of 2016. Pep Boys canceled its merger agreement with Bridgestone and in one U.S. Securities and Exchange Commission filing said it had paid the tire maker the required $39.5 million termination fee.
Icahn and Bridgestone had been in a bidding war for Pep Boys and yesterday’s offer was Icahn’s third bid for the company, which included two moves to sweeten the deal this month. His activity and opinions are closely watched in the investing community, and on Icahn’s favorable comments on Apple Inc.in 2013, the stock went up 5 percent.
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Rumors of a sale of Pep Boys emerged more than two years ago with the exit of CEO Mike Odell and the arrival of three new board members who were nominated by a huge stakeholder in the company. He predicted Icahn could seek a buyer for the company’s auto service division, while combining and keeping the higher-growth retail operations of Pep Boys and Auto Plus.
