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Shares of
Pep Boys - Manny Moe & JackPBY were trading lower by nearly 3 percent early Wednesday morning at $18.45.
Bridgestone
announced in a press release that it will not present a counter offer to acquire the company. Carl Icahn's
Ican Enterprises LPIEP offered to acquire the company for $18.50 on Tuesday.
Pep Boys' stock surged on Tuesday, trading as high as $19.03 as investors and traders likely speculated Bridgestone would attempt to counter Icahn's offer.
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