Icahn Enterprises Confirms To Buy Pep Boys In $1.03 Billion All-cash Deal

Icahn Enterprises LP confirmed Wednesday that it has agreed to buy The Pep Boys-Manny, Moe & Jack in an all-cash deal valued at $1.03 billion. The news was expected after Japanese tire company Bridgestone Corp. said Tuesday that it would not counter Icahn's latest bid for the auto-parts chain, which pushed the valuation higher than $1 billion. Bridgestone had previously topped two public Icahn offers for the company, but would not step out of the corner for round 3. Icahn will pay $18.50 per Pep Boys share in a deal expected to close in the first quarter. Pep Boys has more than 800 locations in 35 states and Puerto Rico. Icahn will pay Bridgestone a termination fee of $39.5 million. Pep Boys shares fell 2.8% in early trade.