Pep Boys gives Bridgestone days to top Icahn’s offer

Pep Boys gave Bridgestone Corp. until the close of business on Dec. 11 to best Icahn Enterprises LP’s $863 million offer to buy the Philadelphia auto parts company.

Tokyo-based Bridgestone originally made an $835 million offer – roughly $15 per share – to buy Pep Boys in October. New York-based Icahn’s offer made Dec. 7 equates to $15.50 per share.

Bridgestone’s acquisition would have created the world’s largest tire and automotive center chain, according to Bloomberg Business.

If Icahn’s offer holds, Pep Boys is likely to be combined with aftermarket parts supplier Auto Plus, which Icahn acquired earlier this year in a $340 million deal with Canada’s Uni-Select Inc.

Read more from Bloomberg Business.