Pep Boys Says "Never Mind" To Bridgestone Agreement and Announces Agreement with Icahn Enterprises
PHILADELPHIA - December 30, 2015: The Pep Boys - Manny, Moe & Jack, the nation's leading automotive aftermarket service and retail chain, today announced that it has terminated its previously announced merger agreement with Bridgestone Retail Operations, LLC ("Bridgestone").
Separately, Pep Boys and Icahn Enterprises L.P. ("Icahn Enterprises"; NASDAQ:IEP) today announced that they have signed a definitive agreement under which Icahn Enterprises will acquire Pep Boys for $18.50 per share in cash.
Simultaneous with the termination of the Bridgestone agreement, Icahn
Enterprises, on behalf of Pep Boys, paid Bridgestone a $39.5 million termination fee.
SEE: Bridgestone to Acquire Pep Boys
About Pep Boys
Since 1921, Pep Boys has been the nation's leading automotive aftermarket chain. With over 7,500 service bays in over 800 locations in 35 states and Puerto Rico, Pep Boys offers name-brand tires; automotive maintenance and repair; parts and expert advice for the Do-It-Yourselfer; commercial auto parts delivery; and fleet maintenance and repair. Customers can find the nearest location by calling 1-800-PEP BOYS (1-800-737-2697) or by visiting www.pepboys.com.