Pep Boys Board of Directors Determines Latest Proposal From Icahn Enterprises Is Superior To Bridgestone Transaction
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Pep Boys (PBY) Board Says Revised Icahn Bid Continues to be 'Superior Proposal'
December 23, 2015 8:31 AM ESTThe Pep Boys Manny, Moe & Jack (NYSE: PBY) announced that, on December 22, 2015, its Board of Directors, after consultation with its independent legal and financial advisors, determined that a revised proposal received the same day from Icahn Enterprises L.P. to acquire Pep Boys continues to constitute a "Superior Proposal" as defined in the Company's agreement and plan of merger with Bridgestone Retail Operations, LLC. The revised proposal improved the purchase price from $16.50 per share to the greater of (1)... More
