Investor Makes Waves in Pep Boy Purchase - Tire Review Magazine

Investor Makes Waves in Pep Boy Purchase

A recently disclosed Pep Boys investor may disrupt Bridgestone’s plans to acquire the company, the Wall Street Journal reported. On Friday, billionaire investor Carl Icahn disclosed a 12.1% stake in Pep Boys.

Icahn is interested in the retail segment of Pep Boys and has been discussing potential transactions with Pep Boys representatives, a regulatory filing said. These discussions are expected to continue and may impact Bridgestone’s purchase of the company, the Wall Street Journal reported.

Icahn said Pep Boy’s auto-parts segment presents an “excellent synergistic acquisition opportunity,” for his company Auto Plus.

With 6.6 million shares, Icahn’s Icahn Enterprises would be the second largest shareholder of Pep Boys.

Tire Review reached out to Bridgestone about Icahn’s recent announcement:

“We at Bridgestone Americas are excited about the swift and certain progress made toward finalizing our company’s acquisition of Pep Boys in early 2016. We’ve quickly received all required regulatory approvals, including those related to anti-trust, and are now in the advantageous position of completing the tender offer and acquisition in approximately 30 days,” a spokesperson said. “We are unable to comment further.”

 

You May Also Like

Cosmo Tires to include 40,000-70,000 mileage warranty on all PLT tires

Cosmo will continue its portfolio expansion later this year when it launches its new Gripit X/T, Rockit R/T, and Cosmo Kurrent.

PLT-TIre-Fitments-Sourcebook

Cosmo Tires, distributed by Tire Group International, has introduced changes to its mileage warranty and road-hazard programs which will now feature a mileage warranty of 40,000-70,000 miles for all passenger and light truck tires offered.

“Our products are over-built and tested on the most rigorous tracks and terrains around the globe and this reflects our investments in manufacturing and quality. Now, all passenger and light truck tires carry Cosmo’s road hazard and mileage warranty ranging from 40,000-70,000 miles," said Dominick Montouri, chief strategy officer of Tire Group International, said.

Yokohama Rubber holds groundbreaking for Mexico tire plant

The facility is set to begin production in early 2027 with a planned annual output of five million tires.

Yokohama-Mexico-Groundbreaking-event
TIA chooses Planet Hollywood for SEMA pre-show events

TIA’s pre-show events, encompassing the annual membership meeting and cocktail reception, will happen at Planet Hollywood Resort & Casino.

Dick-Guck-TIA-SEMA-Press-Conf
RNR Tire Express honors the legacy of franchisee Richard Rose

Rose was posthumously awarded with the franchise’s second-ever Lifetime Achievement Award.

RNR-Tire-Richard-Rose
McCarthy Tire Service earns gold in Best of the Best contest

The company secured gold awards in four categories, including Best Employer, Best Auto Repair, Best Car Wash and Best Auto Detail.

award-stock

Other Posts

Continental Tire discusses how prioritizing dealer feedback maximizes profits

Continental Tire executives talk about the status of the PLT tire market, the company’s strategic balance between OE and replacement tire offerings, and more.

conti-Combo-1400
Anyline secures funding from Austrian agency for AI development

Anyline received around $2.86 million to fund research and development of Closed Loop Training for artificial intelligence models.

ANYLINE-AI-stock
Continental appoints new ‘head of region’ for the US, Canada

In this role, Rob Schroeder will oversee all of material handling, port, earthmoving and agriculture tire business in the United States and Canada.

Conti-RobSchroeder_HeadofRegion
K&M Tire adds Jon Zurcher as executive vice president

Zurcher previously served as COO for Best-One Tire for the past seven years.

John-Z-K&M