Icahn Promises to Outbid Bridgestone for Pep Boys

Billionaire investor Carl Icahn is making it clear he's serious about Pep Boys, even promising to outbid Bridgestone for the company.

Icahn is prepared to pay 10 cents a share more for the automotive company than tiremaker Bridgestone would, according to Financial Times.

Icahn, however, has capped his promise at $18.10.

Pep Boys' shares rose 6.92 percent to 16.85 after the stock market closed Monday after a new offer by Icahn that increased the selling price to $917.7 million.

The 16.85 figures marked a high for Pep Boys after hitting 16.78 earlier this month. Pep Boys' shares were 16.89 a stock on Wednesday morning.

Read more on PBJ.com.

Copyright bizjournal
Contact Us