PHILADELPHIA, Dec. 30 (UPI) — Bridgestone Corp. said it would not counter investor Carl Icahn’s latest bid to acquire outstanding shares of Pep Boys, ending a bidding war for the auto parts retailer.
An offer to buy outstanding shares of Pep Boys at $17 a share was previously made by Bridgestone, and accepted, but Icahn Enterprises offered Monday to buy the shares for $18.50 a share in cash. The Japanese tire manufacturer chose to let a Tuesday deadline, for an upgraded offer, pass.
Icahn’s bid would value Pep Boys at about $1 billion. Monday’s offer was Icahn’s third in a bidding war between his company and Bridgestone. Icahn already holds over 10 percent of Pep Boys stock.
Philadelphia-based Pep Boys, which has about 800 auto service shops across the United States, announced in October it was for sale. Recent retail sales have been slow because of a weak market for tires.
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