Stifel Says to Take the Money on Pep Boys (PBY); Shares No Longer Undervalued with Latest Icahn Offer
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Pep Boys Board of Directors Determines Latest Proposal From Icahn Enterprises Is Superior To Bridgestone Transaction
December 28, 2015 7:20 PM ESTPHILADELPHIA, Dec. 28, 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 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... More
