Pep Boys Board of Directors Determines Proposal from Icahn Enterprises Would Reasonably Be Expected to Result in a "Superior Proposal"

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Go back to Pep Boys Board of Directors Determines Proposal from Icahn Enterprises Would Reasonably Be Expected to Result in a "Superior Proposal"

Pep Boys (PBY) Board Determines that Icahn's $15.50/Cash Bid is 'Superior Proposal'

December 9, 2015 8:31 AM EST

The Pep Boys Manny, Moe & Jack (NYSE: PBY), the nation's leading automotive aftermarket service and retail chain, today announced that, on December 8, 2015, its Board of Directors, after consultation with its independent legal and financial advisors, determined that the proposal from Icahn Enterprises L.P. to acquire Pep Boys for $15.50 per share in cash constitutes a "Superior Proposal" as defined in the Company's agreement and plan of merger with... More

Pep Boys (PBY) Determines Icahn Offer as 'Superior Proposal'

December 8, 2015 8:31 AM EST

The Pep Boys Manny, Moe & Jack (NYSE: PBY) announced that its Board of Directors, after consultation with its independent legal and financial advisors, has determined that the proposal from Icahn Enterprises L.P. to acquire Pep Boys for $15.50 per share in cash (as set forth in the Company's filing with the Securities and Exchange Commission, dated December 7, 2015) would reasonably be expected to result in a "Superior Proposal" as defined in the Company's agreement and plan of merger with Bridgestone Retail Operations, LLC.

This... More