On Monday, Pep Boys’ board indicated that billionaire Carl Icahn has increased his offer to acquire the auto service retailer to $16.50 a share, topping a $15-a-share bid that Bridgestone had made earlier in December.
Pep Boys’ board also determined activist investor Carl Icahn’s acquisition bid was a “superior proposal” to Bridgestone’s.
Pep Boys’ board says Icahn’s offer superior to Bridgestone
As detailed by ValueWalk, Pep Boys had already entered a definitive agreement to be acquired by Bridgestone, and that deal included a breakup fee of $35 million and also a provision for what would...
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