Bridgestone Raises Bid In Duel For Pep Boys
(Reuters) – Japanese tire maker Bridgestone raised its offer for Pep Boys-Manny, Moe & Jack to about $947 million, trumping activist investor Carl Icahn’s current $900 million bid.
The latest Bridgestone offer of $17 per share on Thursday was $1.50 above of its earlier bid.
Icahn’s latest offer for Pep Boys (PBY) was $16.50 per share. But he has said he would be willing to go as high as $18.10 per share for the auto repair chain to beat Bridgestone.