, Columnist
Pep Boys' Big Bump
Carl Icahn boosted the takeover value of the auto-service chain by 23 percent.
This article is for subscribers only.
Some Pep Boys investors got a little too greedy yesterday, but for those who didn't, it's been a fantastic week. And just in time to close the books on their funds for the year.
Billionaire Carl Icahn, through his holding company, is acquiring the Philly-based auto parts and maintenance chain for $18.50 a share. That is exactly double Pep Boys' stock price on May 19, the day before speculation arose that it was back in play.1451485316596 A premium that big is typically reserved for drug developers on the verge of a blockbuster medicine or hot tech targets. But hey, anything goes in the year of record deals. The transaction values Pep Boys at $1 billion, though Icahn already owns about 12 percent of the shares outstanding.