Skip to Content

Pep Boys Says Carl Icahn Willing to Raise Bid

December 23, 2015

CNBC Events - Delivering Alpha 2015CNBC Events - Delivering Alpha 2015
Carl Icahn, chairman of Icahn Enterprises. Photograph by Adam Jeffery — CNBC/NBCU Photo Bank via Getty Images

Dec 23 (Reuters) – Pep Boys Manny Moe & Jack (PBY) said investor Carl Icahn was willing to pay as much as $1 billion for the U.S. auto parts retailer to keep rival bidder Japanese tire maker Bridgestone Corp. (BRDCY) at bay.

Icahn told Pep Boys he would top any fresh Bridgestone offer by 10 cents per share, capping it at $18.10 per share.

The billionaire investor’s latest offer for Pep Boys is $16.50 per share, or about $900 million, a proposal that has been deemed “superior” by Pep Boys’ board.

Bridgestone, which has until 5.00 p.m. ET on Thursday to make another proposal, was not immediately available for comment.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty)