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Pep Boys goes with Bridgestone counteroffer (for now)

  • Pep Boys (NYSE:PBY-OLD) changed course again by accepting a $15.50 per share offer from Bridgestone (OTCPK:BRDCY, OTCPK:BRDCF) that matched an offer from Carl Icahn's organization.
  • The deal price works out to around $863M.
  • An acquisition of Pep Boys would give Bridgestone a significant increase in its presence in North America.
  • Pep Boys closed at $16.34 on Friday indicating some traders think the drama isn't quite over yet.
  • Bridgestone press release

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