Pep Boys Agrees to $947 Million Bridgestone Bid, Shuns Icahn

Pep Boys agreed to a $947 million takeover offer from Bridgestone Corp., shunning a competing bid from billionaire investor Carl Icahn that had promised a higher price. Pep Boys said Thursday in a statement that its board no longer considers Icahn’s most recent offer -- which included a vow to beat any bid up to $1.01 billion -- to be a superior proposal.