Bridgestone Increases Offer Price For Pep Boys To $15.50 Per Share

(RTTNews) - Bridgestone Americas, Inc. and The Pep Boys - Manny, Moe & Jack (PBY) announced that Pep Boys and Bridgestone Retail Operations, LLC, a subsidiary of Bridgestone, have amended their Agreement and Plan of Merger, pursuant to which BSRO increased the offer price to acquire all the outstanding shares of common stock of Pep Boys from $15.00 per share to $15.50 per share in cash, or approximately $863 million in aggregate equity value.

Pep Boys also announced that its board no longer deems the proposal received on December 8, 2015 from Icahn Enterprises L.P. to acquire Pep Boys for $15.50 per share in cash to be a superior proposal. The Pep Boys board unanimously recommended that its shareholders accept BSRO's offer.