Auto Parts Retailer Love Triangle Reaches $1B With Icahn Once Again Topping Bridgestone In Bid For Pep Boys
Pep Boys Concedes That Icahn’s Offer May Be “Superior” To Bridgestone, Will Explore The Deal Further
When Dollar General entered an unsolicited billion dollar bid for Family Dollar last year, the smaller company said thanks but no thanks. The latest merger-love triangle appears to be taking a different path: auto parts retailer Pep Boys seems to be mulling the idea of ditching its already agreed upon deal with Bridgestone in favor of more money from Auto Plus owner Icahn Enterprises. [More]
Love triangles are generally a plot device used in movies and television shows to keep viewers’ eyes glued to the screen, screaming for their preferred suitor to win out. Recently, though, the messy affairs have infiltrated the mergers and acquisitions realm with the months-long dollar store war – Dollar General and Dollar Tree fighting over Family Dollar. Today, that trend continued with the company behind Auto Plus offering to buy the already betrothed Pep Boys retail operations out from under Bridgestone. [More]
Have we seen the last of Moe, Manny, and Jack – you know, the faces of the Pep Boys auto parts brand? It’s possible as the retail chain has agreed to be acquired by tire giant Bridgestone for $835 million. [More]
My car was manufactured about eleven and a half years ago, which I thought was relatively old. That’s why I was surprised to learn that it’s perfectly average. According to data compiled by the consulting firm IHS Automotive, cars that are registered and on the roads have an average age of 11.5 years, and there’s a record number of cars registered right now. [More]
A week after issuing a recall on over 2 million vehicles due to faulty acceleration pedals, Toyota has announced it will stop selling 8 popular models in the U.S., as well as shut down 6 U.S. factories, while it deals with the problem. The faulty pedals were made by a U.S. manufacturer but have also been installed in cars sold in Europe, although Toyota hasn’t said what it plans to do outside the U.S. for now. Update: SafetyResearch.net says Toyota was required by law to stop selling the models after it announced the recall last week, so it’s actually kind of strange that it waited five days.