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Carl Icahn To Buy Pep Boys

  • CBS News, Thursday, December 31, 2015 10 AM

Pep Boys will be acquired by Carl Icahn for $1 billion, beating out Japanese tire company Bridgestone in a bidding war. The deal is expected to close in the first quarter of next year. Icahn Enterprises offered $18.50 in cash for each share of Pep Boys on Tuesday, $1.50 more per share than the most recent offer from Bridgestone. Icahn said in a statement that Pep Boys has "enormous growth potential." He said he was looking for a company to pair with parts distributor Auto Plus.

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