Auto Parts Retailer Love Triangle Reaches $1B With Icahn Once Again Topping Bridgestone In Bid For Pep Boys
The auto parts retailer love triangle continues to take new twists and turns as the year comes to an end, with Icahn Enterprises once again upping the ante – to the tune of $1 billion – in its bid to steal Pep Boys away from suitor Bridgestone.
The Philadelphia Inquirer reports that Icahn Enterprises, the owner of Auto Plus, offered $18.50/share – or more than $1 billion – to bring Pep Boys into its fold.
For it’s part, Pep Boys gave Bridgestone until Thursday to sweeten its previously agreed-to takeover bid.
In October, Pep Boys agreed to the $835 million sale of 800 retail locations to Bridgestone, which operates 2,200 tire and car service centers in the U.S. Bridgestone currently operates retail locations under the Firestone Complete Auto Care, Tires Plus, Hibdon Tires Plus and Wheel Works brand banners.
That deal got the bidding war moving, with Icahn offering to pay $837 million ($15.50/share) for Manny, Moe and Jack in early December.
From there, Bridgestone upped its offer to $17 a share (about $950 million), a deal that Pep Boys also agreed to.
Under that the deal, the Inquirer reports, if Pep Boys ultimately sells to a different company, it will be required to pay Bridgestone a $39.5 million break-up fee, so to speak.
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