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.
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