Pep Boys-Manny Moe and Jack (NYSE:PBY), a service and automotive aftermarket company based in Philadelphia, on Monday announced that activist investor Carl Icahn has raised its bid to acquire Pep Boys to $18.50 a share from previous offer of $16.50 per share.
Bridgestone Retail Operations and Icahn Enterprises are in bidding war for Pep Boys-Manny Moe and Jack (NYSE:PBY). Bridgestone is offering $17 per share.
Shares of Pep Boys-Manny Moe and Jack (NYSE:PBY) are trading up 7.75% to $18.76. The company’s stock has increased by 91.24% year-to-date.
Pep Boys-Manny Moe and Jack (NYSE:PBY) has more than 7,500 service bays in over 800 locations in 35 states and Puerto Rico.
For the third quarter ended October 31, Pep Boys reported sales of $508.1 million, down from $517.6 million a year earlier. The company posted earnings for the third quarter of $1.3 million, or $0.02 per share, versus a loss of $2.0 million or $0.03 loss per share, for the same quarter last year.
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