5108.T) on Friday raised its provide for U.S. auto parts retailer Pep Boys – Manny, Moe & Jack (PBY.N) by 50 cents a share to $ 15.50 per share.
The new offer by Bridgestone Retail Operations LLC, a wholly owned subsidiary of Bridgestone, raises the deal value by $ 28 million to $ 863 million for Pep Boys, the firms said.
The new offer comes following Pep Boys said on Wednesday that it planned to terminate its deal with Bridgestone as its board regarded as Carl Icahn’s supply as a “superior proposal.”
Carl Icahn’s Icahn Enterprises LP (IEP.O) had provided to acquire Pep Boys for $ 15.50 per share.
Bridgestone was given 3 days on Dec. 8 by Pep Boys to make a new offer.
Pep Boys stated on Friday that its board no longer deems Icahn’s supply as superior, and advised that Pep Boys shareholders accept Bridgestone’s provide.
J.P. Morgan Securities LLC was the economic adviser to Bridgestone, while Rothschild advised Pep Boys.
Jones Day is Bridgestone’s legal adviser, whilst Morgan, Lewis & Bockius LLP is Pep Boys’ legal adviser.
(Reporting by Shubhankar Chakravorty in Bengaluru Editing by Sandra Maler and Lisa Shumaker)