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Pep Boys to go with Bridgestone's increased offer of $15.50 per share

Staff writer ▼ | December 12, 2015
Bridgestone Americas and The Pep Boys – Manny, Moe & Jack said that Pep Boys and Bridgestone Retail Operations (BSRO) amended their Agreement and Plan of Merger dated October 26, 2015.
Pep Boys
Acquisition   Icahn Enterprises is not considered to be a superior proposal
Pursuant to the amendment, BSRO increased the offer price to acquire all the outstanding shares of common stock of Pep Boys from $15.00 per share to $15.50 per share in cash, or approximately $863 million in aggregate equity value.

The revised offer price of $15.50 per share provides approximately $28 million in additional cash consideration to Pep Boys shareholders.

The Pep Boys board continues to unanimously recommend that Pep Boys shareholders accept BSRO’s offer and tender their shares pursuant to that offer.

Pep Boys also announced that its board no longer deems the proposal received on December 8, 2015 from Icahn Enterprises to acquire Pep Boys for $15.50 per share in cash to be a superior proposal.