Pep Boys’ Board Determines Revised Proposal From Icahn Enterprises Continues To Be Superior To Bridgestone Transaction
The revised proposal increased the purchase price from $16.50 per share to the greater of (1) $16.50 per share and (2) “a price equal to 10 cents more per share than any increased bona fide bid offered by Bridgestone, up to a maximum of $18.10 per share.”
Pep Boys’ Board Of Directors Determines Latest Proposal From Icahn Enterprises Is Superior To Bridgestone Transaction
Icahn Enterprises L.P. has made a revised proposal to acquire Pep Boys for $16.50 per share in cash, which constituted a “Superior Proposal” as defined in the Pep Boys’ agreement and plan of merger with Bridgestone Retail Operations LLC.
Bridgestone, Pep Boys Agree On Amended Terms To Merger Agreement
Bridgestone matches Icahn bid of $15.50 per share.
Pep Boys’ Board Favors Icahn Offer, Notifies Bridgestone
Pep Boys’ notice to Bridgestone opens a three-day period, expiring 5 p.m. Eastern time on Dec. 11, during which Pep Boys can’t change its recommendation or terminate its agreement with Bridgestone. During this time, Bridgestone has the right to resubmit proposals for acquiring Pep Boys.
Pep Boys Reports Third Quarter 2015 Results; Icahn Outbids Bridgestone To Buy Business
Following his disclosure yesterday of an ownership interest in the company, U.S. investor Carl Icahn has made a counter bid for Pep Boys, according to a report in The New York Times.
Pep Boys Receives Notice Of Icahn Ownership Interest
With 6.6 million shares, Icahn Enterprises would be the second-largest shareholder of Pep Boys.
Bridgestone Commences Previously Announced Tender Offer To Acquire Pep Boys
The tender offer is being made pursuant to an offer to purchase, dated Nov. 16. Upon successful closing of the tender offer, shareholders of Pep Boys will receive $15 in cash for each share of Pep Boys common stock validly tendered and not validly withdrawn in the offer, without interest and less any applicable withholding tax.
Bridgestone To Acquire Pep Boys
The combined company will deliver greater consumer access to tires and automotive services; the deal also expands Bridgestone’s company-owned retail network and product offerings.
Pep Boys Reports Second Quarter 2015 Results
Sales for the 13 weeks ended Aug. 1, 2015, increased by $0.8 million, or 0.1 percent, to $526.5 million from $525.8 million for the 13 weeks ended Aug. 2, 2014.
Pep Boys Celebrates 20 Years In Puerto Rico Market
The official date that Pep Boys entered the automotive aftermarket in Puerto Rico was July 17, 1995. At that time, the island touted 4 million residents and 2 million cars, as well as a large population of DIYers and backyard mechanics.