Bridgestone Corp. ADROTCPK - Current
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. 24, 2015, 7:35 PM
- Pep Boys (NYSE:PBY) says it agrees to a new takeover offer from Bridgestone (OTCPK:BRDCY) that values the company at $947M and no longer deems the proposal received from Icahn Enterprises (NASDAQ:IEP) a "superior proposal."
- PBY says Bridgestone will pay $17/share, with the announcement coming just before a 5 p.m. ET deadline to match or exceed Icahn’s $16.50/share offer; Icahn said yesterday he would pay $0.10/share more than any Bridgestone offer up to $18.10 under a "ratchet" structure.
- PBY also says the breakup fee in the revised Bridgestone deal has been increased to $39.5M from $35M.
- Icahn says of today's offer: "We cannot understand the actions of the directors in that they know we were willing to offer a lot more than $17."
- Earlier: Pep Boys breakup is likely scenario, analyst says
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)
Oct. 26, 2015, 8:52 AM
- The all-cash deal works out to $15 per share for Pep Boys (NYSE:PBY), 23% above Friday's close of $12.15. It's also 62% higher than the stock price on May 9, when speculation about a purchase first began.
- The deal is expected to close early next year.
- PBY +22.65% to $14.89 premarket.