Bridgestone Raises Offer for Pep Boys to $15.50/Share in Cash

Bridgestone Americas, Inc. (Bridgestone) and The Pep Boys – Manny, Moe & Jack

today announced that Pep Boys and Bridgestone Retail Operations, LLC (BSRO), a wholly owned subsidiary of Bridgestone, have amended their Agreement and Plan of Merger dated October 26, 2015. Pursuant to the amendment, BSRO increased the offer price to acquire all the outstanding shares of common stock of Pep Boys from $15.00 per share to $15.50 per share in cash, or approximately $863 million in aggregate equity value. The revised offer price of $15.50 per share provides approximately $28 million in additional cash consideration to Pep Boys shareholders.  The Pep Boys board of directors continues to unanimously recommend that Pep Boys shareholders accept BSRO's offer and tender their shares pursuant to that offer.  Pep Boys also announced that its board of directors no longer deems the proposal received on December 8, 2015 from Icahn Enterprises L.P. to acquire Pep Boys for $15.50 per share in cash to be a "Superior Proposal" as defined in the Agreement and Plan of Merger. The offer documents and Pep Boys' solicitation/recommendation statement on Schedule 14D-9 will be amended to