Bridgestone Merges with Pep Boys
December 9, 2015 Pep Boys , a US auto parts retailer, stated that its board of directors has decided to terminate the merger agreement with Japan’s Bridgestone .
The company decided to accept the 863 million U.S. dollar offer from independent investor Carl Icahn, but gave Bridgestone a new offer for three days.
Carl Icahn
Bridgestone announced in October this year that it would acquire Pep Boys for $835 million, but recently received notification of cancellation of the agreement by Pep Boys.
Icahn Enterprises LP, a company owned by US billionaire Carl Icahn, announced that it plans to acquire Pep Boys for $863 million in cash. This quotation is higher than the 810 million U.S. dollar offer offered by Bridgestone.
However, Bridgestone Corporation may, within three days from the date of receipt of the notification, make a new offer. If it exceeds Icahn’s offer, Pep Boys will reconsider it.
The deadline for Bridgestone’s new offer is 5 pm New York time on December 11th.
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