Pep Boys Terminates Bridgestone Deal; To Be Acquired By Icahn For $18.50/shr

(RTTNews) - The Pep Boys - Manny, Moe & Jack (PBY) announced that it has terminated its previously announced merger agreement with Bridgestone Retail Operations, LLC.

Simultaneous with the termination of the Bridgestone agreement, Icahn Enterprises, on behalf of Pep Boys, paid Bridgestone a $39.5 million termination fee.

Separately, Icahn Enterprises L.P. (IEP) and Pep Boys announced that they have entered into a definitive merger agreement under which a subsidiary of Icahn Enterprises will acquire Pep Boys, automotive aftermarket service and retail chains, in an all-cash transaction for $18.50 per share, or about $1.031 billion in aggregate equity value.

The merger agreement has been unanimously approved by the Boards of Directors of both companies.

The transaction, which is not conditioned on financing, is expected to close in the first quarter of 2016.