Bridgestone declines to counter Icahn's $1B bid to buy Pep Boys

December 30, 2015 3:10 PM

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Bridgestone declines to counter Icahn's $1B bid to buy Pep Boys

PHILADELPHIA, Dec. 30 (UPI) -- Bridgestone Corp. said it would not counter investor Carl Icahn's latest bid to acquire outstanding shares of Pep Boys, ending a bidding war for the auto parts retailer.

An offer to buy outstanding shares of Pep Boys at $17 a share was previously made by Bridgestone, and accepted, but Icahn Enterprises offered Monday to buy the shares for $18.50 a share in cash. The Japanese tire manufacturer chose to let a Tuesday deadline for an upgraded offer pass.

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