Feared investor Carl Icahn has offered $863 million for the Pep Boys auto-parts chain:
Icahn’s offer Tuesday of $15.50 per share is higher than Bridgestone’s offer of $15 per share in October for the chain of 800 stores. The Japanese tire giant offered to buy the chain to add to its 2,200 stores including Tires Plus, Firestone Complete Auto Care, Hibdon Tires Plus and Wheel Works to make one of the largest parts, tire and service chains in the U.S.
Before placing his bid, Icahn had acquired a 12-percent stake in Pep Boys. This is his second try at the whole ball of wax; he’d previously offered $13.50 a share.
Pep Boys has given Bridgestone until 5 pm Eastern on Friday to top this bid, or Icahn prevails.
(Title swiped from Fark.)