Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — Activist investor Carl Icahn has fired another salvo in his bidding war with Bridgestone for auto parts chain Pep Boys.
On Monday, Pep Boys said Icahn had sweetened his offer for the Philadelphia company to $18.50 a share in cash, or about $1 billion. That's up from his previous offer of $16.50 a share.
Icahn's latest offer topped tire company Bridgestone's recently raised proposal of $17 a share, which had in turn topped an earlier bid from Icahn.
Shares in Pep Boys - Manny, Moe & Jack jumped more than 6 percent in after-hours trading to $18.50.
Pep Boys has about 800 outlets selling auto parts and offering vehicle maintenance. It said it had informed Tokyo-based Bridgestone Corp. of Icahn's boosted offer.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
