Billionaire Carl Icahn buys a large auto parts retailer Pep Boys for $ 900 million

Billionaire Carl Icahn buys a large auto parts retailer Pep Boys for $ 900 million

25.12.2015 News

Billionaire Carl Icahn buys a large auto parts retailer Pep Boys for $ 900 millionBillionaire investor Carl Icahn made a statement that he is ready to pay for the purchase of the American company of automotive components production Pep Boys – Manny Moe & Jack $ 900 million, that is about $ 16.5 per share.

Such a proposal of Icahn will prevent global acquisition  by Japanese corporation Bridgestone, which offered to make a deal for $ 835 million.

Experts see a clear strategic plan in the actions of Icahn . The  billionaire is already the owner of  the rival of Pep Boys, Auto Plus company. To  block an agreement with Bridgestone will be profitable for him, it will help Icahn to optimize its retail business, so he offers a better price than the Japanese company.

Company Pep Boys Manny Moe & Jack recognized the proposal of billionaire Carl Icahn more interesting, and then, its shares  rose quickly in the market by almost 5%.

The Japanese Bridgestone company, which sells tires and expressed in October 2015, the wish to buy a Pep Boys, now they were given time until next Wednesday in order to make a better offer.

According to Icahn, after he gains Pep Boys he wants to unite the network with spare parts and distributor of auto parts Auto Plus, he bought the company this year from the Canadian Uni-Select Inc. for $ 340 million. According to forecasts in a period of five years  the Auto Plus company should  become one of the largest in the US company that provides services for  cars.

Japan Bridgestone company wanted to buy the company Pep Boys to expand its activities in the United States and create a global network for the sale of tires and repairs service.

Source: www.usatoday.com

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