Bridgestone's desire to lower the offer price of M&A accessories retailers

A recent investor report released by Pep Boys, a US auto parts chain retailer, showed that individual investor Carl Icahn acquired its 12.1% stake on Dec. 4, 2015. This may disrupt Bridgestone 's plan to acquire Pep Boys.

Pep Boys, a US auto parts retailer

It is reported that Carl Icahn is very interested in the retail business of Pep Boys and is discussing the possibility of acquisition with representatives of Pep Boys.

Carl Icahn said that if Pep Boys can take part in the automotive parts business, it will help its Auto Plus company.

After acquiring 6.6 million shares, Icahn Industrial will become the second largest shareholder of Pep Boys.

After learning about Carl Icahn’s move, Bridgestone’s spokesman also issued a statement: “The Bridgestone Americas company is very happy and is looking forward to completing the acquisition of Pep Boys earlier in 2016.”

He disclosed that Bridgestone had already obtained the consent of the Pep Boys regulators, including those who had opposed it, and had agreed that it was now in an advantageous position to acquire, and that this merger would take about 30 days.

At the end of October this year, Bridgestone (US) reached an agreement with Pep Boys to purchase the dealer at a price of approximately US$835 million (approximately RMB5.344 billion).

Another source said that some shareholders of Pep Boys have filed a lawsuit in the local court, alleging Bridgestone's $15 per share purchase price was too low.

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