Carl Icahn Discloses 12.12% Stake In Pep Boys

(RTTNews) - Billionaire Carl C. Icahn disclosed in a Schedule 13D regulatory filing that he has taken 12.12 percent stake in auto parts retailer Pep Boys - Manny, Moe & Jack (PBY).

Icahn believe that the company's retail automotive parts segment presents an excellent synergistic acquisition opportunity for Auto Plus, an automotive aftermarket company wholly owned by Icahn Enterprises.

Based on this news, the company's stock which closed Friday's regular trading at $15.69, further gained 8 percent to $17.03 in the after-hours trading.

In October, Pep Boys agreed to be acquired by Bridgestone Americas, Inc. in an all-cash transaction for $15.00 per share, or approximately $835 million in aggregate equity value. Bridgestone Americas commenced its tender offer for Pep Boys in mid-November and is scheduled to expire on January 4, 2016.