Pep Boys - Manny Moe & Jack, a U.S. auto parts retailer, said billionaire investor Carl Icahn had raised his offer to buy the company, topping Bridgestone Corp's offer of $15.50 per share.
Pep Boys said its board had determined that Icahn Enterprises LP's offer of $16.50 per share in cash was superior to that of Bridgestone Corp's latest offer.
Icahn's revised offer values Pep Boys at about $900 million, based on 54.61 million shares outstanding as of Oct. 31.
Bridgestone had said on Oct. 26 that it would buy Pep Boys for $15.00 per share, a deal that would boost its retail network by more than a third in the United States.
Icahn had reported a 12.12 percent stake in Pep Boys earlier in December and said the company's retail automotive parts business would be a perfect fit for Auto Plus, a competitor he owns. (reut.rs/1Ny9Ul1)
Pep Boys said on Monday it notified Bridgestone of its intention, and the Japanese company would have until 5.00 p.m. ET on Wednesday to make further proposals.
Both Icahn and Bridgestone had earlier raised their offer price for Pep Boys to $15.50 per share.
Pep Boys has been on the block since June, when it said it was considering selling itself as part of a strategic review.
Bridgestone was not immediately available for a comment.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta)
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