Carl Icahn Raises Offer for Pep Boys, Tops Bridgestone's Offer

Pep Boys, a U.S. auto parts retailer, said billionaire investor Carl Icahn raised his offer for the company, topping Bridgestone Corp's bid by $1.00 a share, to value the company at about $900 million. Pep Boy's shares rose as much as 6.6 percent to $16.80, touching a more than eight-year high. Pep Boys said on Monday its board had determined that Icahn Enterprises LP's offer of $16.50 per share in cash was superior to that of Bridgestone Corp's latest offer of $15.50 per share. Icahn revised his offer for Pep Boys on Friday evening, Pep boys said in the statement.