Bridgestone Retail Operations raised its offer to acquire Pep Boys to $17 per share in cash, or $947 million, after a New York City-based holding company one-upped Bridgestones original offer announced in October.
Bridgestones original offer was for $15 per share, or $835 million. Icahn Enterprises L.P. earlier this month made a higher cash offer of $15.50 per share. At that time, Pep Boys board of directors acknowledged the Icahn proposal would result in a superior proposal, but noted it hadnt changed its recommendation on the Bridgestone offer. Pep Boys board now says Icahns proposal is no longer a superior proposal, given Bridgestones increased offer, which the board continues to recommend shareholders accept.