Deals
Icahn Sweetens His Bid for Pep Boys to More Than $1 Billion
- Bridgestone will decide this week whether to top his offer
- Pep Boys had agreed to $17-a-share deal with Japan tire giant
Service technicians perform tire rotrations on customer vehicles at a Pep Boys Company auto repair and service center in Clarksville, Indiana
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
Pep Boys shares jumped 8.8 percent after Carl Icahn raised his takeover offer for the auto-parts chain to more than $1 billion, escalating a bidding war with Bridgestone Corp.
The stock rose to $18.94 in New York, above the $18.50-a-share in cash offered by Icahn’s investment firm on Monday, putting pressure on Bridgestone to match or top the billionaire’s bid. Icahn Enterprises said it would be willing to boost the proposal even further if Pep Boys doesn’t increase the termination fee in its deal with Bridgestone.