Stop us if you’ve heard this one before:
Billionaire investor, activist and horse racing enthusiast Carl Icahn bid to buy Pep Boys on Tuesday for just over $1 billion, outpricing Japanese tire giant Bridgestone for the franchise, Bloomberg reported (via Automotive News).
Bridgestone’s refusal to tender a competing offer after its final bid of $947 million for the 800 Pep Boys stores seemingly means that Icahn is the winner — although we’ve been here before.
Icahn offered up to $18.50 per share of the company, of which he already owns 12 percent, which is slightly higher than the company’s stock during trading Wednesday.
A picture is worth a thousand words, or millions of dollars worth of cars not built by the United Auto Workers.
That, and Buick is planning a surprise for Detroit, oil prices are ever-so-slightly up, a super mullet El Camino, and Manny, Moe and Jack … after the break!
Bridgestone will buy Pep Boys for $947 million, shunning a competing bid from investor Carl Icahn, to complete its purchase of the auto parts chain, Bloomberg reported (via Automotive News).
The bidding between Icahn and Bridgestone began in October when the auto parts chain shunned a $800 million price from Icahn to agree to an $835 million bid from the Japanese tire giant. Icahn raised his bid first to $863 million, then up to up to $1 billion for the chain, but Pep Boys ultimately decided the $947 million offer from Bridgestone was a better deal.
The last-minute bid for the chain would create the world’s largest chain of 3,000 stores, including Bridgestone’s Tires Plus, Firestone Complete Auto Care, Hibdon Tires Plus and Wheel Works stores. (Read More…)
From DNF to DNS, the Nissan GT-R LM project has finally been retired.
That, and it’s lights out for some Crown Vics, the UAW just wants to talk, Hyundai will spend more to lend more, and more … after the break.
You’ve made some bad decisions at the holiday office Christmas party. We’ve all done it. Don’t compound it by using a (probably inaccurate) free breathalyzer that you picked up at a Honda dealer instead of a cab ride.
That, and Subaru is turning production up to “11,” Hyundai was hit hard in China and Nevada’s rolling the dice on electric cars … after the break.
After disclosing that he had purchased a 12-percent stake of the company, billionaire investor Carl Icahn submitted an offer of $863 million for the Pep Boys chain of automotive parts stores, according to the New York Times.
Icahn’s offer Tuesday of $15.50 per share is higher than Bridgestone’s offer of $15 per share in October for the chain of 800 stores. The Japanese tire giant offered to buy the chain to add to its 2,200 stores including Tires Plus, Firestone Complete Auto Care, Hibdon Tires Plus and Wheel Works to make one of the largest parts, tire and service chains in the U.S.
Pep Boys’ deal with Bridgestone included a $35 million breakup fee, according to the Wall Street Journal, which Icahn is willing to pay as part of his offer. Officials at Pep Boys said publicly that Icahn’s offer could be a “superior proposal” to the Bridgestone deal.
Billionaire investor Carl Icahn disclosed a 12-percent ownership stake in Pep Boys and said that Auto Plus, a competitor which he owns, should consider buying the retail parts giant, Bloomberg reported.
In October, Bridgestone offered to purchase Pep Boys’ 800 company-owned stores for $835 million to add to its portfolio of 2,200 stores including Tires Plus, Firestone Complete Auto Care, Hibdon Tires Plus and Wheel Works. The acquisition would create the largest chain of automotive service centers, yet many analysts say Bridgestone may be preparing Pep Boys for a potential sale already.
That tender offer from Bridgestone will expire Jan. 4, according to the report.
Japanese tire giant Bridgestone agreed Monday to buy Pep Boys for $835 million and potentially create the largest chain of U.S. automotive service centers, the companies announced.
The deal would create a chain of more than 3,000 auto care stores — 2,200 Bridgestone-owned centers including Tires Plus, Firestone Complete Auto Care, Hibdon Tires Plus and Wheel Works, and more than 800 company-owned Pep Boys stores.
According to the companies the deal will finalize in early 2016. (Read More…)
A couple of years have passed since the last Manny, Moe, and Jack Edition Junkyard Find, so we’re due for another car that was customized with every manner of stick-on hood scoop, property-value-lowering vinyl decal, and brightly-colored interior-trim piece that can be had at your local auto-parts chain store. Here’s a fourth-gen Toyota Tercel done up as a shoestring-budget Fast-n-Furious-type machine. (Read More…)
Motor Oil! Must Buy Motor Oil!
Forgive me for offering the two millionth article about Black Friday shopping. But this personal screed will not be about, “Buy! Buy! Buy!”
It will be all about, “Don’t! Nein! Nyet!”.