Battle For Pep Boys Intensifies

   (FROM THE WALL STREET JOURNAL 12/22/15) 
   By Austen Hufford

Icahn Enterprises raised its bid for Pep Boys -- Manny Moe & Jack to $16.50 a share, or about $919 million, continuing its tussle with Bridgestone Corp. for the auto-parts and repair chain.

Pep Boys also said Monday that its board had deemed the offer by Icahn a "superior proposal" and gave Bridgestone until Wednesday at 5 p.m. ET to respond.

Bridgestone acknowledged the competing offer, but said it continues to believe its deal with Pep Boys is good for the combined businesses. Pep Boys reached an agreement in October to be acquired by Japanese tire company Bridgestone for $15 a share, or about $835 million.

In December, Icahn Enterprises unexpectedly made a new offer after the Bridgestone deal was announced of $15.50 per share, or about $863 million.

In response, Bridgestone and Pep Boys reached a new agreement in mid-December at the higher price.

(END) Dow Jones Newswires

December 22, 2015 02:48 ET (07:48 GMT)

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