Pep Boys Says Icahn's Takeover Bid Probably Tops Bridgestone's

Pep Boys – Manny, Moe & Jack, the auto-parts chain that previously accepted a takeover offer from Bridgestone Corp., said that a rival $15.50-a-share bid from billionaire Carl Icahn is probably a “superior proposal.”

The decision doesn’t mean Pep Boys is terminating its agreement with Bridgestone or changing its recommendation that investors vote for the earlier $15-a-share bid, the company said in a statement Tuesday. Still, the move lets Pep Boys further consider Icahn’s proposal, which was announced on Monday.

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