Icahn Wins Pep Boys Bidding War
30 Diciembre 2015 - 9:30AM
Noticias Dow Jones
Pep Boys - Manny Moe & Jack said it would be bought by
billionaire Carl Icahn for about $1 billion, effectively ending a
bidding fight with Bridgestone Corp. for the auto parts and repair
chain.
Pep Boys said it has terminated its previous agreement to be
acquired by Bridgestone and struck a deal with Icahn Enterprises
L.P., the activist investor's publicly traded company. The move
comes a day after Bridgestone said it wouldn't make a counteroffer
to Mr. Icahn's latest bid of $18.50 a share.
The deal is expected to close in the first quarter of 2016. Pep
Boys said that Icahn Enterprises, on behalf of Pep Boys, paid
Bridgestone a $39.5 million termination fee.
Mr. Icahn said in prepared remarks Wednesday that Icahn
Enterprises has been actively looking for an purchase like Pep Boys
since its acquisition of Auto Plus.
Philadelphia-based Pep Boys put itself up for sale earlier this
year and initially entered a takeover deal with Bridgestone in
October.
Mr. Icahn, who held talks with the company earlier this year,
went public with his bid at the beginning of December, and he and
Bridgestone traded bids for most of the month.
Pep Boys was founded in 1921 and has more than 800 locations,
according to its website. The company sells everything from tires
to air fresheners. It has been ailing amid weakness in its tire
business, and spending to try to boost sales.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
December 30, 2015 10:15 ET (15:15 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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