Pep Boys says Icahn's buyout proposal could be superior

Tue Dec 8, 2015 9:03am EST
 
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(Reuters) - U.S. auto parts retailer Pep Boys - Manny, Moe & Jack PBY.N said its board determined that Carl Icahn's offer to buy the company for $15.50 per share could result in a "superior proposal" compared with Bridgestone Corp's (5108.T: Quote) offer.

Bridgestone offered to buy Pep Boys for $15 per share in October.

The board has not changed its recommendation with respect to the Bridgestone transaction, nor is it making any recommendation with respect to the Icahn proposal, the company said.

(Reporting by Sudarshan Varadhan in Bengaluru; Editing by Anil D'Silva)

 
Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network's Neil Cavuto show in New York February 11, 2014. REUTERS/Brendan McDermid