Bridgestone Corp. increased its offer for auto parts retailer Pep Boys, the companies announced late Friday afternoon, matching the price offered by activist investor Carl Icahn.
Pep Boys US:PBY had agreed to sell itself for $15 a share in October, but those plans were thrown into turmoil earlier, thanks to Icahn. The investor’s Icahn Enterprises LP disclosed a 12.1% stake in Pep Boys on Dec. 4, then announced an offer to buy the company for $15.50 a share on Monday.
Now Icahn could profit without actually taking control of the struggling retailer, as Bridgestone matched his offer of $15.50 a share, and the Pep Boys board said it still unanimously recommends a sale to the Japanese tire company.
Market Watch: Icahn offer for Pep Boys matched by Bridgestone
