NASHVILLE, Tenn. (Dec. 23, 2015) — Bridgestone Americas has “significant concerns” relating to the circumstances of Icahn Enterprises L.P.'s revised offer for control of auto service provider/auto parts retailer Pep Boys – Manny, Moe & Jack and is evaluating its options “in light of recent developments.”
While acknowledging Icahn's “revised competing offer” for Pep Boys, Bridgestone reiterated its stance that “further decisions will be based on what continues to make business and financial sense….”
Icahn Enterprises submitted a revised bid on Dec. 22, offering to increase its bid for Pep Boys to as high as $18.10 a share, from the $16.50 bid it submitted Dec. 18.
Icahn, which owns 12.1 percent of Pep Boys stock, launched its latest move to fend off any counter-offer by Bridgestone Americas, according to a Pep Boys 8K filing with the Securities and Exchange Commission.
In its brief statement, Bridgestone's reference to its concerns extend to Pep Boys' “review and consideration of that offer.”