NASHVILLE, Tenn.—Bridgestone Americas is evaluating its options regarding Icahn Enterprises L.P.'s $16.50 per-share offer for control of Pep Boys–Manny, Moe & Jack, saying in a prepared statement: “Any further decisions will be made based on what continues to make business and financial sense for Bridgestone and aligns with our long-term growth strategy.”
Bridgestone has until the close of business on Dec. 23 to make a counter offer to Icahn Enterprises' new bid, which Pep Boys' board of directors has declared a “superior proposal.”
“We continue to believe that the joining of Bridgestone and Pep Boys, with nearly 200 years of experience in the American automotive aftermarket industry between us, is good for the combined business, offers more diverse career opportunities for employees across a larger company and provides customers with a broad range of the world-class products and services they want, when and where they need them,” Bridgestone said.
Pep Boys operates more than 800 retail locations with 7,500-plus service bays in 35 states and Puerto Rico, including 234 tire-centric Service & Tire stores. Fiscal 2014 sales were $2.08 billion.
The acquisition would boost Bridgestone Americas' retail presence in the U.S. to more than 3,000 locations, which operate under the Firestone Complete Auto Care, Tires Plus, Hibdon Tires Plus and Wheel Works brand banners.