Carl Icahn Makes Counterbid for Pep Boys
Carl C. Icahn, unhappy with Pep Boys’ decision to sell itself to Bridgestone, the tire company, is fighting back with his own takeover offer. Mr. Icahn, the billionaire investor, disclosed on Monday that he had offered to buy Pep Boys, the car parts retailer, for $15.50 a share in cash, topping the $15 a share Bridgestone had bid. Mr. Icahn’s offer casts some doubt on the deal by Pep Boys to sell itself to Bridgestone, announced in late October. That proposed transaction would have added about 800 stores to the Bridgestone network of 2,200 tire and car service centers.