Icahn’s Latest Offer Ends Bridgestone Pursuit of Pep Boys - Tire Review Magazine

Icahn’s Latest Offer Ends Bridgestone Pursuit of Pep Boys

With a simple one sentence statement issued late on Dec. 29, Bridgestone Americas put to an end the ping pong match it found itself in with so-called shareholder activist Carl Icahn over control of struggling auto part, service and tire retailer Pep Boys.

“Bridgestone Americas Inc. today announced that Bridgestone Retail Operations, a wholly owned subsidiary of Bridgestone, will not present a counter offer to acquire The Pep Boys – Manny, Moe & Jack, in response to the most recent proposal from Icahn Enterprises of $18.50 per share,” read the statement.

At $18.50 per share, Icahn, who already holds a 12% stake in Pep Boys but doesn’t have the infrastructure most feel is necessary to revive the moribund business, is paying a $3.50 premium over Bridgestone’s original $15 per share offer, made in October.

The tiremaker and Icahn have battled back and forth countering each other’s offer for the Philadelphia-based Pep Boys, which has been on the market for about two years, but had no takers until Bridgestone stepped in with an offer to take over the 800-plus store chain.

Icahn’s latest bid of $18.50 topped Bridgestone’s previous best bid of $17 per share.




You May Also Like

Hankook Tire debuts Great Catch Rebate through July 7

Drivers who purchase at least four tires from eligible lines will qualify for savings of up to $120.


Hankook Tire has announced its first consumer promotion of the year, the Great Catch Rebate, running now through July 7. Twelve of Hankook’s EV, passenger, light truck and SUV tires headline this promotion. Drivers who purchase at least four tires from eligible lines will qualify for savings of up to $120.

Autel Energy Showcases EV Charging Solutions, Electrified Bronco at CES

At CES, Autel Energy showcased its suite of EV charging solutions and an electrified 1969 Ford Bronco.

2019 Newsmakers: Bridgestone Americas

Nearly all products in the Firestone family of tires have been upgraded over the past three years, and Bridgestone is on track to have all of its consumer tire portfolio across both the Bridgestone and Firestone brands either upgraded or replaced by the end of 2020.

2019 Newsmakers: Nokian Tyres

Nokian Tyres opened its first U.S. manufacturing facility and launched numerous new products. See what’s in store for 2020.

2019 Newsmakers: Nexen Tire America

Nexen Tire opened its North American Technology Center and debuted the Roadian GTX. Find out what’s in store for 2020.


Other Posts

GT Radial Formula Drift team welcomes 14-year-old driver

Minowa, who will be the newest and youngest driver in the Formula Drift 2024 pro season, will be debuting with Team Jerry Yang Racing.

TIA is now accepting nominations for open board of directors positions

The newly-elected board members will serve three-year terms with the potential for re-election to two additional terms.

Professional race car driver to compete on Bridgestone Potenza RE-71RS tires

Tom O’Gorman will compete on Bridgestone Potenza RE-71RS tires in the World Racing League Grand Touring Over class during the 2024 season.

Kumho Tire becomes an Official Tire of Formula DRIFT

As part of the sponsorship, Kumho Tire will receive a significant footprint at each of the eight Formula DRIFT events in the 2024 series, including track signage and activation during race weekends.