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Billionaire Carl Icahn Setting Sights On Pep Boys

Carl Icahn
Carl Icahn Photo Credit: @Carl_C_Icahn

BEDFORD, N.Y. -- Billionaire and former Bedford resident Carl Icahn's proposal to buy Pep Boys-Manny Moe & Jack is being considered even while the company moves forward with a merger deal with Bridgestone Corp. of Japan, the Wall Street Journal reported.

On Monday, Icahn Enterprises offered to pay $15.50 per share for Pep Boys, higher than Bridgestone's $15 per share, the Wall Street Journal said.

Pep Boys officials said the Icahn proposal would be considered as a so-called superior offer, allowing the company to enter into negotiations with Icahn, the story said. Bridgestone officials, in the meantime, said they are making progress in their deal reached in October, the Wall Street Journal reported.

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