Pep Boys Says Icahn Offer is Superior, Moves to Terminate Bridgestone Deal

Pep Boys-Manny Moe & Jack (PBY.N) said its board determined activist investor Carl Icahn's latest buyout offer was superior to the deal it accepted from Bridgestone Corp (5108.T), and the U.S. auto parts retailer moved to terminate the Bridgestone agreement. Icahn's latest bid of $18.50 per share on Monday values Pep Boys at about $1 billion, while Bridgestone's previous offer of $17 per share valued the company at about $947 million.