NEW YORK (AP) — Pep Boys is calling a revised offer from billionaire Carl Icahn a superior bid, just days after the auto parts seller accepted a sweetened deal from tire company Bridgestone.
Icahn Enterprises offered $16.50 for each share of Pep Boys on Friday, in a deal worth about $893 million. That's up from previous offers from Icahn Enterprises and Bridgestone of $15.50 per share.
Pep Boys said Monday that it now prefers to take the offer from Icahn Enterprises and that Tokyo's Bridgestone Corp. has until Wednesday to up its bid.
In a printed statement, Bridgestone says it still believes its proposed buyout is good for the combined business.
Shares of Pep Boys - Manny, Moe & Jack, based in Philadelphia, are up almost 6 percent in early trading.