Pep Boys Says Icahn's Buyout Is Better Than Bridgestone's

NEW YORK (AP) — Pep Boys says it notified Bridgestone that it may ditch an already agreed upon $835 million buyout offer and go with a competing offer from Carl Icahn's investment firm that is worth $2 million more.

Icahn Enterprises is offering $15.50 for each Pep Boys share, compared with Bridgestone's $15 per share. The buyout from Icahn Enterprises is worth about $837.4 million.

Bridgestone, a tires and auto service company, has until Friday to increase its offer or Pep Boys says it will take Icahn's deal. Pep Boys says it notified Bridgestone of its decision on Monday.

Bridgestone did not immediately respond to a request for comment.

Pep Boys - Manny, Moe & Jack, based in Philadelphia, has about 800 locations around the country that sells auto parts and repairs vehicles.

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