Pep Boys to Bridgestone: New deal or no deal

The Board of Directors at US automotive aftermarket retailer The Pep Boys – Manny, Moe & Jack has declared the US$15.50 per share merger agreement received by Icahn Enterprises superior to the $835 million Bridgestone Retail Operations was prepared to pay, not least because it isn’t subject to due diligence or financing conditions, and it contains a ‘hell or high water’ anti-trust covenant. Pep Boys have now lobbed the ball back into Bridgestone’s court, and the tyre maker has two days to come back with a better offer.

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