PHILADELPHIA, Dec. 29 (UPI) -- The battle to own the automotive parts and repair chain Pep Boys continued Tuesday with billionaire investor Carl Icahn raising his bid to more than $1 billion, edging out competitor Bridgestone Corp.
The Japanese tire maker must decide its next move in the coming three business days after Icahn Enterprises offered an $18.50-per-share cash proposal. Icahn Enterprises also delivered a merger agreement that is not subject to due diligence or financing conditions, the company said.
The company, whose full name is Pep Boys -- Manny, Moe & Jack, is seen by both Icahn and Bridgestone as perfectly positioned to meet the growing needs of motorists nationwide.
Pep Boys has 800 locations in more than 30 states. Bridgestone operates 2,200 tire and automotive centers. Icahn plans to combine Pep Boys with Auto Plus, a chain he acquired in early 2015.
