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Pep Boys says Carl Icahn gave superior takeover proposal

Staff writer ▼ | December 9, 2015
The Pep Boys – Manny, Moe & Jack has determined that the proposal from Icahn Enterprises to acquire Pep Boys for $15.50 per share in cash would reasonably be expected to result in a superior proposal.
Pep Boys
Acquisition   $15.50 per Pep Boys share in cash
This determination by the board allows the company to take certain actions, in accordance with the procedures set forth in the Bridgestone agreement, to further consider the Icahn proposal.

However, this determination does not allow the company to terminate the Bridgestone agreement, nor enter into a definitive transaction with Icahn, both of which can also only occur in accordance with the procedures set forth in the Bridgestone agreement.

The board has not changed its recommendation with respect to the Bridgestone transaction, nor is it making any recommendation with respect to the Icahn proposal.


 

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