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FinancePEP BOYS

Bridgestone Raises Bid In Duel For Pep Boys

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Reuters
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By
Reuters
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December 24, 2015, 5:02 PM ET
A tow truck driver walks past a Pep Boys Company auto repair and service center in Clarksville, Indiana, U.S. on Wednesday, June 3, 2015. Pep Boys earnings are scheduled to be released on June 8. Photographer : Luke Sharrett / Bloomberg
A tow truck driver walks past a Pep Boys Company auto repair and service center in Clarksville, Indiana, U.S. on Wednesday, June 3, 2015. Pep Boys earnings are scheduled to be released on June 8. Photographer : Luke Sharrett / Bloomberg!Luke Sharrett — Bloomberg via Getty Images

(Reuters) – Japanese tire maker Bridgestone raised its offer for Pep Boys-Manny, Moe & Jack to about $947 million, trumping activist investor Carl Icahn’s current $900 million bid.

The latest Bridgestone offer of $17 per share on Thursday was $1.50 above of its earlier bid.

Icahn’s latest offer for Pep Boys (PBY) was $16.50 per share. But he has said he would be willing to go as high as $18.10 per share for the auto repair chain to beat Bridgestone.

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