Icahn Enterprises said it is willing to pay around $1 billion for Pep Boys - Manny, Moe & Jack, as it seeks to upend the auto-parts and repair chain's deal to sell itself to Bridgestone Corp.

Icahn said Wednesday that it will pay 10 cents a share more than any Bridgestone offer, up to $18.10 a share.

Icahn's latest offer is for $16.50 a share. Bridgestone's latest offer is for $15.50 a share.

Pep Boys said the new offer represents a "superior proposal" under its merger agreement and that it has notified Bridgestone of its intent to terminate their deal agreement. Bridgestone now has until 5 p.m. ET Thursday to make a better offer.

Pep Boys put itself up for sale earlier this year and in October agreed to sell itself to Bridgestone, a Japanese tire company, for $15 a share.

In December, Icahn Enterprises, the publicly traded company of activist investor Carl Icahn, unexpectedly came in with an offer of $15.50 per share. Icahn Enterprises had been involved in a bidding process for Pep Boys earlier this year. Both agreements include $35 million breakup fees.

Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com

(END) Dow Jones Newswires

December 23, 2015 10:05 ET (15:05 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
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