Pep Boys - Manny Moe & Jack, a U.S. auto parts retailer, said billionaire investor Carl Icahn had raised its offer to buy the company, topping that of Japanese tire maker Bridgestone.
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Pep Boys said its board had determined that Icahn Enterprises LP's offer of $16.50 per share in cash was superior to that of Bridgestone's offer of $15.50 per share.
Earlier, Icahn Enterprises had also offered $15.50 per Pep Boys share in cash.
Bridgestone had earlier raised its offer for Pep Boys by 50 cents a share.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta)