It seems that Pep Boys might have finally chosen a winner in the race to takeover the company. Bridgestone raised its offer for Pep Boys Friday to $863 million, according to Bloomberg. That's $28 million higher than their previous offer, and it matches that made by investor Carl Icahn.
The total offer breaks down to about $15.50 per share of the company's stock, MarketWatch reported. The deal will have Pep Boys merge with the U.S. subsidiary of Bridgestone-- Bridgestone Retail Operations LLC.
The offer, which was released on Friday, came just in the nick of time, as Pep Boys announced Wednesday that it planned on terminating the deal with Bridgestone on account of Carl Icahn's "superior proposal," according to Reuters. Bridgestone was given three days to counter. The offer from Icahn is no longer deemed superior.
"The joining of Bridgestone and Pep Boys combines the expertise of nearly 200 years and a proud heritage in the American automotive aftermarket industry," T.J. Higgins, president of the North American sect of Bridgestone's consumer operations, said in a statement Friday.
Pep Boys stocks closed at $16.34 in New York on Friday.
