Icahn Enterprises closed its $1.03 billion acquisition of Pep Boys, paying $18.50 per share in the all-cash deal.
As a result of the completion of the merger, the common stock of Pep Boys will no longer be listed for trading on the New York Stock Exchange or any other exchange.
Billionaire Carl Icahn, chairman of his namesake investment firm, outbid Bridgestone Americas for the struggling retail DIY parts and vehicle service business. Bridgestone’s October 2015 offer of $15 per share for all of Pep Boys kick-started a bidding war, which saw Icahn pay a $195 million premium for Pep Boys as well as a $39.5 million termination fee to the tiremaker.
“We are extremely pleased to add Pep Boys to the Icahn Enterprises family of companies and believe the acquisition presents excellent synergistic opportunities for Auto Plus, our wholly owned automotive aftermarket company,” said Icahn. “We believe that with our abundant resources and knowledge of the industry we will be able to grow this business and take advantage of consolidation opportunities, thereby benefiting customers, manufacturing partners and employees, as well as our shareholders.”