BRDCY Bridgestone Corp (PK)

   (FROM THE WALL STREET JOURNAL 12/9/15) 
   By Austen Hufford 

Pep Boys-Manny Moe & Jack said Tuesday that it would further consider Icahn Enterprises' proposal to pay $15.50 a share for the car-parts and repair company, adding that it is likely superior to its prior merger deal with Bridgestone Corp. of Japan.

U.S.-based Pep Boys also said it hasn't changed its recommendation toward completing the Bridgestone pact.

Pep Boys reached a deal in October to be acquired by Japanese tire company Bridgestone for $15 a share, or about $835 million. On Monday, Icahn Enterprises offered to pay $15.50 a share, which values Pep Boys at roughly $863 million.

The Bridgestone deal also includes a potential breakup fee of $35 million.

Pep Boys said Icahn Enterprises' proposal "would reasonably be expected" to count as a so-called superior proposal. According to filings, this designation allows Pep Boys to furnish nonpublic information to, and engage in negotiations with, Icahn Enterprises.

In a written statement on Monday, Bridgestone Americas said it made "swift and certain progress" toward completing the acquisition and "quickly received" regulatory and antitrust approval.

Bridgestone said it is "now in the advantageous position of completing the tender offer and acquisition in approximately 30 days."

Shares in Pep Boys rose 1.5%, or 24 cents, at $16.30 on the New York Stock Exchange on Tuesday. The company's stock is up roughly 65% this year. Bridgestone shares closed off less than 1% in Japan on Tuesday.

(END) Dow Jones Newswires

December 09, 2015 02:48 ET (07:48 GMT)

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