NASHVILLE, Tenn.—Bridgestone Americas Inc. has countered Icahn Enterprises L.P.'s offer for Pep Boys–Manny, Moe & Jack, an offer Pep Boys' board of directors has endorsed unanimously.
Bridgestone increased its offer price to acquire all the outstanding shares of common stock of Pep Boys to $15.50 per share in cash from its previous offer of $15, or about $863 million in aggregate equity value.
The revised offer price of $15.50 per share—the same as Icahn Enterprises' offer—provides approximately $28 million in additional cash consideration to Pep Boys shareholders, Bridgestone said.
It was previously reported that Pep Boys was favoring Icahn Enterprises' $15.50 per-share takeover offer over the $15 per-share offer from Bridgestone Americas. Bridgestone had until 5 p.m. on Dec. 11 to make a counteroffer.
Bridgestone said the Pep Boys board of directors “continues to unanimously recommend that Pep Boys shareholders accept its offer.” Additionally, Pep Boys board of directors no longer deems Icahn Enterprises's offer made on Dec. 8 to be a “superior proposal” as defined in the agreement and plan of merger.