Carl Icahn Raises Offer for Pep Boys (PBY) to $18.50/Share

Pep Boys (PBY) Deems Revised Icahn Bid as 'Superior Proposal'

The Pep Boys Manny, Moe & Jack (NYSE: PBY) announced that, on December 28, 2015, its Board of Directors, after consultation with its independent legal and financial advisors, determined that a proposal, received in the afternoon of December 28, 2015, from Icahn Enterprises L.P. to acquire Pep Boys for $18.50 per share in cash, constitutes a "Superior Proposal" as defined in the Company's agreement and plan of merger with Bridgestone Retail Operations, LLC.

As part of its proposal, Icahn Enterprises delivered to... More

Pep Boys (PBY) Agrees to Revised $17/Share Offer from Bridgestone

On Christmas Eve, Bridgestone Americas, Inc. (Bridgestone) and The Pep Boys Manny, Moe & Jack (Pep Boys; NYSE: PBY) announced that Pep Boys and Bridgestone Retail Operations, LLC (BSRO), a wholly owned subsidiary of Bridgestone, have amended their Agreement and Plan of Merger dated October 26, 2015. Pursuant to the amendment, BSRO increased the offer price to acquire all the outstanding shares of common stock of Pep Boys from $15.50 per share to $17.00 per share in cash, or approximately $947 million in aggregate equity value. The revised offer price of $17.00 per share provides approximately $84 million in additional cash... More

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

Sterne Agee CRT analyst, Ali Faghri, thinks that the Pep Boys (NYSE: PBY) bidding process will continue into the new year, culminating with the break-up of the service and retail operations and Monro Muffler (NASDAQ: MNRO) or O'Reilly Auto Parts (NASDAQ: ORLY) as potential buyers. A deal with either company would be a positive catalyst as they both have a strong historical track record with... More