Pep Boys (PBY) Breakup is Likely Scenario - Sterne Agee CRT

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Pep Boys Board of Directors Determines Revised Proposal from Icahn Enterprises Continues to be Superior to Bridgestone Transaction

December 23, 2015 8:30 AM EST

PHILADELPHIA, Dec. 23, 2015 /PRNewswire/ -- The Pep Boys Manny, Moe & Jack (NYSE: PBY), the nation's leading automotive aftermarket service and retail chain, today 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... More