(Reuters) — Pep Boys – Manny Moe & Jack (PBY.N) said investor Carl Icahn was willing to pay as much as $1 billion for the U.S. auto parts retailer to keep rival bidder Japanese tire maker Bridgestone Corp (5108.T) at bay.
Icahn told Pep Boys he would top any fresh Bridgestone offer by 10 cents per share, capping it at $18.10 per share.
The billionaire investor’s latest offer for Pep Boys is $16.50 per share, or about $900 million, a proposal that has been deemed “superior” by Pep Boys’ board.
Bridgestone, which has until 5.00 p.m. ET on Thursday to make another proposal, said they were aware of Icahn Enterprises revised offer.
“We have significant concerns relating to the circumstances surrounding the submission of the revised offer and Pep Boys’ review and consideration of that offer,” Bridgestone spokeswoman Susan Steeno said in an emailed statement.
“We are currently evaluating our options in light of recent developments and, as has always been the case, further decisions will be based on what continues to make business and financial sense for Bridgestone,” she added.