Dec. 30, 2015, 9:34 AM
- Icahn Enterprises (IEP) and Pep Boys (PBY -2.8%) formally announce their $1.031B merger.
- The transaction struck at $18.50 per share is expected to close in Q1 of 2016.
- Bridgestone (OTCPK:BRDCY, OTC:BRDCF) will take in a termination fee of $39.5M after bowing out.
- Previously: Bridgestone won't counter Icahn's latest Pep Boys offer (Dec. 29 2015)
Dec. 29, 2015, 6:09 PM
- It looks like Carl Icahn has won the Pep Boys (NYSE:PBY) bidding war: Bridgestone (OTCPK:BRDCY) says it won't counter Icahn Enterprises' (NASDAQ:IEP) $18.50/share offer for the auto repair shop chain. The offer, issued yesterday, topped a prior $17/share offer from Bridgestone.
- PBY -2.7% after hours to $18.43.
Dec. 28, 2015, 4:45 PM| Dec. 28, 2015, 4:45 PM | 10 Comments
Dec. 23, 2015, 12:19 PM
- The bidding war continues: The Nikkei reports Bridgestone (OTCPK:BRDCY) has decided to once more up its offer for Pep Boys (PBY +2.7%). No price has been given.
- The news comes shortly after Icahn Enterprises announced it would pay $0.10/share more than any Bridgestone offer up to $18.10/share. Pep Boys currently trades at $17.35.
- Prior Pep Boys coverage
Dec. 12, 2015, 10:15 AM
- Pep Boys (NYSE:PBY) changed course again by accepting a $15.50 per share offer from Bridgestone (OTCPK:BRDCY, OTC: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.
Dec. 8, 2015, 9:02 AM
- The board of directors at Pep Boys (NYSE:PBY) expects a "superior" offer from Bridgestone (OTCPK:BRDCY, OTC:BRDCF) after Carl Icahn and his affiliates came in with a $15.50 per share bid yesterday for the company.
- The company is effectively passing on the current Icahn offer while it waits for the competition to play out.
- PBY trades right at $16 in premarket trading.
- Previously: 52-week high for Pep Boys after Icahn action (Dec. 07 2015)
- Previously: Icahn on the hunt for Pep Boys with offer over Bridgestone's (Dec. 07 2015)
Bridgestone Corp. designs, produces and sells automobile tires. The company also produces and markets scales to weigh racing cars and jumbo aircrafts and sporting goods including golf equipment, tennis rackets and bicycles. Bridgestone operates its businesses worldwide.
Sector: Basic Materials
Industry: Rubber & Plastics
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