Bridgestone hikes offer for Pep Boys
Japan's Bridgestone Corp. on Friday increased its provide for U.S. auto-parts retailer Pep Boys -- Manny, Moe & Jack by 50-cents a share to $15.50 per-share.
The newest offer by Bridgestone Retail Operations LLC, a fully owned subsidiary company of Bridgestone, increases the deal worth by $28 million to $863 million for Pep Boys, the firms said.
The newest offer uses Pep Boys stated on Wednesday that it intended to terminate its deal with Bridgestone as its board contemplated Carl Icahn's offer as a "outstanding proposal."
Carl Icahn's Icahn Enterprises LP had agreed to to get Pep Boys for $15.50 per-share.
Bridgestone was allowed three days on Dec. 8 by Pep Boys to make a new offer.
Pep Boys stated on Friday that its board no further deems Icahn's offer as first-class, and urged that Pep Boys investors take Bridgestone's provide.
The Icahn offer could have joined Pep Boys' re-Tail company with Car Plus, an after-market components provider he got this yr from Canada's Uni-Select Inc. for about $340 million. The business aims to be among the biggest automotive aftermarket businesses in the US in the next five years, according to its web site.
Bridgestone intends to make use of Pep Boys to drive deeper into the US and produce the world's biggest chain of tire and automotive facilities.
J.P. Morgan Securities was the financial advisor to Bridgestone, while Rothschild guided Pep Boys.
Jones Day is Bridgestone's legal advisor, while Morgan, Lewis & Bockius is Pep Boys' authorized advisor.
Reuters and Bloomberg contributed to the report.
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