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.