Skip to main content
EVENT TRACKER
Keep track of rescheduled, canceled industry events with our COVID-affected event tracker - Powered by Snap Finance
Close
Sister Publication Links
  • Rubber & Plastics News
  • European Rubber Journal
tb-logo
Subscribe
  • Login
  • Register
  • Subscribe
  • News
    • OPINION
    • CORONAVIRUS
    • AUTO INDUSTRY
    • BUSINESS/FINANCIAL
    • COMMERCIAL TIRE
    • FACTORY FIXES
    • GOVERNMENT & LAW
    • INTERNATIONAL
    • MOTOR SPORTS
    • NEW PRODUCTS
    • RETAIL TIRES
    • SERVICE ZONE
    • SEMA/AAPEX
    • SMALL BUSINESS
    • TIRE MAKERS
    • SPONSORED CONTENT
    • Vaccine may usher sense of normalcy
      Cover-up: More retailers requiring face masks to curb COVID
      USW alleges COVID-19 violations at Kumho plant
      NTB, Tire Kingdom stores to require face masks
    • Former auto exec Tyrone Jordan joins Cooper board of directors
      Bridgestone crafts virtual city to showcase sustainable-mobility initiatives
      Ford, Hyundai earn 2021 top North American vehicle honors
      Detroit Auto Show canceled; alternative event planned for September
    • Apollo to raise prices of Vredestein brand, effective March 5
      Taiwan tire makers propose settlement of import duties case
      World rubber demand in 2021 to recover to 2019 levels — IRSG
      Hankook Tire holding company adopts Hankook & Co. identity
    • Gary Price to head Love's Truck Care operations
      TA opens 6th Oregon location, bringing 50 jobs to area
      Love's opens Speedco shops in Ariz., Calif., Ga.
      TIA adds more Spanish language training
    • Taiwan tire makers propose settlement of import duties case
      Wireless auto data debate continues
      World rubber demand in 2021 to recover to 2019 levels — IRSG
      Transportation Secretary Chao resigns after Capitol attack
    • Ferentino Tyre opens Sri Lanka plant; eyes exports to U.S., Europe
      Sailun to expand Vietnam plant capacity over three years
      The new One: Nokian unveils all-season passenger tire
      GRI initiatives benefit children of Sri Lankan rubber farming community
    • TGI secures Cosmo-brand naming rights at Fla. race track
      Firestone Grand Prix of St. Petersburg postponed until April
      MotoGP extends Dunlop race tire contract through 2023
      Revived Yokohama Drivers Cup to feature Ferrari, Porsche models
    • Kumho launches commercial LT, performance tire lines
      The new One: Nokian unveils all-season passenger tire
      Ford, Hyundai earn 2021 top North American vehicle honors
      BKT expanding its ATV/UTV lineup with Sierra Max Pro radials
    • Apollo to raise prices of Vredestein brand, effective March 5
      Marko Ibrahim promoted to president, Bridgestone Retail Operations
      Tire Discounters opens 15th Columbus-area retail store
      Aftermarket has reasons to be optimistic in 2021
    • ASE opens registration for upcoming certification testing
      Bolt On, Global Payments aim for easier text payments for auto repairs
      Fisher: Commercial industry remains bright spot
      Updated technician training crucial with new vehicles on horizon
    • Denver's Brian Sump named AAPEX Shop Owner of the Year
      DUB, TIS Wheels founder Myles Kovacs is SEMA Person of the Year
      AAPEX: Using social media to promote your business
      AAPEX: Road trips trending, commuting on the wane
    • Vaccine may usher sense of normalcy
      2020 Review: PPP loans give boost to small businesses
      Latest COVID relief bill includes $325B in small-business support
      AAPEX: Do more cars in the shop mean more profit?
    • Apollo to raise prices of Vredestein brand, effective March 5
      Taiwan tire makers propose settlement of import duties case
      Kumho launches commercial LT, performance tire lines
      Michelin completes rigid dump-truck tire lineup
    • Sponsored By Yokohama Tire Company
      7 questions to ask consumers when they need tires for a crossover SUV
      Sponsored By Yokohama Tire Company
      Stocking Tires for Crossover SUVs
  • SHOP FLOOR
    • BALANCING
    • DEMOUNTING
    • SAFETY
    • TIRE REPAIR
    • TPMS
    • TRAINING
    • VEHICLE LIFTING
    • WHEEL TORQUE
    • Video: Balancing Tire
      Safety tips for wheel balancing
      An introduction to wheel balancing
      Wheel weights: Balancing form with function
    • Video: Demounting
      Tire changer types, tips and trends
      How to clear rim rust and corrosion
      An introduction to demounting, mounting and inflation
    • Video: Safety
      Customers
      Considerations for shop safety policies
      Introduction: Creating a culture of safety
    • Video: Tire Repair
      Essential tools, materials and equipment for tire repair
      An introduction to tire repair
      How to properly patch a puncture
    • Video: TMPS Service
      The life-saving work of TPMS
      An introduction to TPMS service
      The importance of proper relearn procedures
    • Video: Training
      Internship ideas to attract tech talent
      Choosing the right auto service tech school
      Intro: Finding and training technicians
    • Video:Vehicle Lifting
      The gravity of proper lift points
      Safety essentials when using jack stands
      An introduction to lifts and lift safety
    • Video: Wheel Torque
      The importance of torque specifications
      Introduction to proper wheel installation
      Torque check and recheck recommendations
  • Multimedia
    • VIDEOS
    • PHOTOS
    • PODCASTS
  • Events
    • ASK THE EXPERT
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
  • Data
    • DATA STORE
  • Resources
    • DIRECTORY
    • CLASSIFIEDS
  • ADVERTISE
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
December 07, 2015 01:00 AM

Icahn group eyes Pep Boys' auto parts biz

Bruce Davis
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    NEW YORK (Dec. 7, 2015) — A company controlled by renowned stock market investor Carl Icahn has acquired a 12.1-percent share in Pep Boys – Manny, Moe & Jack and is proposing that Pep Boys' retail auto parts segment would make an “excellent synergistic acquisition” opportunity for Auto Plus, an automotive aftermarket company wholly owned by Icahn Enterprises Holdings L.P.

    The move, disclosed on Dec. 4 in a Schedule 13D filing by Philadelphia-based Pep Boys, comes six weeks after Pep Boys' board of directors agreed unanimously to accept a $15 per-share offer from Bridgestone Americas for the entire company.

    The auto retail parts segment represents up to a third of Pep Boys' annual sales of $2 billion, according to Pep Boys' financial data.

    It's a business that's not part of Bridgestone's retail segment and which Bridgestone has as yet not addressed in its comments on the pending acquisition.

    (Bloomberg News photo)

    Carl Icahn

    According to the Pep Boys filing, Icahn Enterprises spent $95 million to buy 6.56 million shares in recent weeks.

    Icahn Enterprises said it intends to discuss with Pep Boys and “various parties that participated in the Issuer's strategic alternatives review process” regarding potential transactions involving the issuer's retail segment.

    Auto Plus is the retail band name of Kennesaw, Ga.-based IEH Auto Parts L.L.C., which describes Auto Plus as a leading distributor of replacement parts, equipment, tools, accessories, paint and related products in the automotive aftermarket. Brent Windom is Auto Plus' president and CEO.

    It operates 900 retail stores throughout the U.S. Icahn Enterprises bought the business in June from Canada's Uni-Select.

    Bridgestone Americas released a statement saying the company is “excited about the swift and certain progress made toward finalizing our company's acquisition of Pep Boys in early 2016. We've quickly received all required regulatory approvals, including those related to anti-trust, and are now in the advantageous position of completing the tender offer and acquisition in approximately 30 days.” The tire maker added that is is “unable to comment further.”

    However, in its own, earlier SEC filings, Bridgestone management considered a scenario in 2014 whereby it would acquire a few select locations from Pep Boys and partner with a major auto parts retailer to operate the retail segment in each of the locations.

    This idea progressed to the point where Bridgestone approached Pep Boys in February 2015 about conducting a test run at a few locations, the filing said. Bridgestone singled out markets like Minneapolis, Oklahoma City and El Paso, Texas, for the trials.

    Related Articles
    Pep Boys favoring Icahn's offer
    Pep Boys board evaluating Icahn offer
    Icahn's bid for Pep Boys would boost aftermarket business, but not Federal-Mogu…
    Bridgestone counters Icahn's offer for Pep Boys
    Bridgestone weighing options RE: Pep Boys
    Bridgestone will not counter Icahn's Pep Boys bid
    Icahn names Pep Boys/Auto Plus CEO
    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Newsletter Center

    Staying current is easy with Tire Business delivered straight to your inbox.

    SUBSCRIBE TODAY

    Subscribe to Tire Business

    SUBSCRIBE
    Connect with Us
    • Facebook
    • LinkedIn
    • Twitter
    • RSS

    Our Mission

    Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries.

    tb-logo
    Reader Services
    • Contact Us
    • About Us
    • Site Map
    • Industry Sites
    • Order Reprints
    • Customer Service: 877-320-1716
    Partner Sites
    • Rubber & Plastics News
    • European Rubber Journal
    • Automotive News
    • Plastics News
    • Plastics News China
    • Urethanes Technology
    RESOURCES
    • Advertise
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Media Guide
    • Editorial Calendar
    • Classified Rates
    • List Rental
    • Digital Edition
    • Careers
    • Ad Choices Ad Choices
    Copyright © 1996-2021. Crain Communications, Inc. All Rights Reserved.
    • News
      • OPINION
      • CORONAVIRUS
      • AUTO INDUSTRY
      • BUSINESS/FINANCIAL
      • COMMERCIAL TIRE
      • FACTORY FIXES
      • GOVERNMENT & LAW
      • INTERNATIONAL
      • MOTOR SPORTS
      • NEW PRODUCTS
      • RETAIL TIRES
      • SERVICE ZONE
      • SEMA/AAPEX
      • SMALL BUSINESS
      • TIRE MAKERS
      • SPONSORED CONTENT
    • SHOP FLOOR
      • BALANCING
      • DEMOUNTING
      • SAFETY
      • TIRE REPAIR
      • TPMS
      • TRAINING
      • VEHICLE LIFTING
      • WHEEL TORQUE
    • Multimedia
      • VIDEOS
      • PHOTOS
      • PODCASTS
    • Events
      • ASK THE EXPERT
      • LIVESTREAMS
      • WEBINARS
      • SEMA LIVESTREAMS
    • Data
      • DATA STORE
    • Resources
      • DIRECTORY
      • CLASSIFIEDS
    • ADVERTISE
    • DIGITAL EDITION