Carl Icahn Raises Offer for Pep Boys (PBY) to $18.50/Share
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In an amended 13D filing, Carl Icahn disclosed that on December 28, 2015, Icahn Enterprises delivered to the Issuer a proposal to acquire all of the outstanding Shares of Pep Boys (NYSE: PBY) for $18.50 per Share in cash in a negotiated transaction that would not be subject to any due diligence, financing or antitrust conditions. In the Proposal, Icahn Enterprises stated that, as one of the Issuer's largest shareholders, Icahn Enterprises believes it is contrary to the best interests of all of the Issuer's shareholders for the Issuer to agree to any increase of the termination fee payable to Bridgestone Retail Operations, LLC ("Bridgestone") pursuant to the Agreement and Plan of Merger, dated as of October 26, 2015, by and among the Issuer, Bridgestone and TAJ Acquisition Co. (as amended through December 24, 2015, the "Bridgestone Agreement"), because it would prevent a truly robust auction. Icahn Enterprises also indicated in the Proposal that it could be willing to bid in excess of $18.50 per Share for the Issuer. However, Icahn Enterprises also stated in the Proposal that it does not intend to bid any higher than $18.50 per Share if the Issuer agrees to any increase of Bridgestone's termination fee.
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