Bridgestone Says Will Not Counter Latest Icahn Bid For Pep Boys

(RTTNews) - Bridgestone said Tuesday that it will not present a counter offer to acquire The Pep Boys - Manny, Moe & Jack (PBY), in response to the most recent proposal from Icahn Enterprises L.P. of $18.50 per share.

On Monday, Pep Boys said that its Board of Directors determined that a proposal, received in the afternoon of December 28, 2015, from Icahn Enterprises L.P. to acquire Pep Boys for $18.50 per share in cash, constitutes a "Superior Proposal" as defined in the Company's agreement and plan of merger with Bridgestone Retail Operations, LLC.

As previously announced, on December 23, 2015, the Company was informed that the Federal Trade Commission had granted early termination of the waiting period under the HSR Act with respect to a potential transaction with Icahn Enterprises.

As previously announced on October 26, 2015, Pep Boys entered into the Bridgestone agreement pursuant to which Bridgestone commenced, on November 16, 2015, a tender offer for all outstanding shares of Pep Boys at $15.00 per share in cash. On December 11, 2015, the parties announced that the price per share had been increased to $15.50, and on December 24, 2015, the parties announced that the price per share had been increased to $17.00.