Icahn Offer for Pep Boys Matched by Bridgestone
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Bridgestone Corp. increased its offer for auto parts retailer Pep Boys, the companies announced late Friday afternoon, matching the price offered by activist investor Carl Icahn. Pep Boys had agreed to sell itself to Bridgestone for $15 a share in October, but those plans were thrown into turmoil earlier, thanks to Icahn. The investor’s Icahn Enterprises LP disclosed a 12.1 percent stake in Pep Boys on Dec. 4, then announced an offer to buy the company for $15.50 a share on Monday. Now Icahn could profit without actually taking control of the struggling retailer, as Bridgestone matched his offer of $15.50 a share, and the Pep Boys board said it still unanimously recommends a sale to the Japanese tire company.