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February 03, 2016 01:00 AM

Icahn set to proceed with Pep Boys merger

Tire Business Staff
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    NEW YORK (Feb. 3, 2016) — Icahn Enterprises L.P.'s $18.50 per-share tender offer for Pep Boys – Manny, Moe & Jack's outstanding shares expired at midnight Feb. 2, with Icahn possessing roughly 82 percent of the shares and “notices of guaranteed delivery” for about 1.23 million additional shares.

    With these shares in hand, Icahn Enterprises did not extend the offer and said it “expects to effect a merger as soon as practicable pursuant to the terms of the merger agreement” entered into with Pep Boys. The deal calls for Pep Boys to survive as a wholly owned subsidiary of Icahn Enterprises.

    Icahn spent more than $705 million to buy 38.1 million shares, the New York-based investment firm said.

    The company also said Pep Boys shares not validly tendered and purchased in the offer will be converted into the right to receive the same $18.50 per share price, without interest and less any required withholding taxes, that was paid in the tender offer.

    Following the merger, Philadelphia-based Pep Boys' common stock will cease to be traded on the New York Stock Exchange.

    Icahn Enterprises is a diversified holding company engaged in investment, automotive, energy, metals, railcar, gaming, mining, food packaging, real estate and home fashion.

    Its other automotive holdings are IEH Auto Parts Holding L.L.C. and Federal Mogul Holdings Corp.

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