Carl Icahn offers to buy Pep Boys
Hedge fund manager Carl Icahn has offered to buy Pep Boys for $15.50 per share.
Icahn's filing on Monday said his offer to acquired the company is not subject to any due diligence, financing, or antitrust issues and Icahn said he's ready to move into the same merger agreement Pep Boys had in place with Bridgestone.
That deal, announced on October 26, valued Pep Boys at $15.00 per share.
After the market close on Friday, Icahn disclosed that he had acquired a roughly 12% stake in the company.
In his filing on Friday, Icahn said he thought Pep Boys offered an "excellent synergistic acquisition opportunity" for Icahn's holding company - Icahn Associates - to combine with its Auto Plus unit.
In afternoon trade on Monday, shares of Pep Boys were up about 2% and trading near $16.00 per share. Shares were little changed after Icahn's offer crossed the wires.