Philly-based Pep Boys accepts Icahn’s ‘superior’ purchase proposal.
Pep Boys, the well-known automotive service and retail chain, recently announced that a proposal received from New York’s Icahn Enterprises LP to acquire the company for $16.50 per share in cash comprises a "superior” offer.
The company made the announcement from Philadelphia, where it operates its corporate headquarters. The firm’s board of directors accepted Icahn’s offer on Dec. 20 after consulting with its independent legal and financial advisors. This effectively toppled the potential merger with Bridgestone Retail Operations LLC announced on Oct. 26, which would have sold all shares for the price of $15 per share. In addition to Pep Boys’ agreement to accept Icahn’s offer, it notified Bridgestone of the intention to terminate its previous plan as of Dec. 23.
Rothschild is acting as the exclusive financial advisor to Pep Boys; Morgan, Lewis & Bockius LLP is acting as legal advisor.
The Pep Boys -- “Manny, Moe & Jack” -- have been a fixture on the American retail landscape since 1921. The business operates more than 7,500 service bays across the nation and in Puerto Rico, offering name-brand tires, maintenance and repairs, parts and professional guidance.
The company also provides delivery of commercial auto parts, along with fleet maintenance and repair.
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