NASHVILLE, Tenn. and PHILADELPHIA — Bridgestone Americas Inc. (Bridgestone) and The Pep Boys – Manny, Moe & Jack 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 Oct. 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 reflect the amended terms. The tender offer will expire at 5:00 p.m., New York City time, on Monday, January 4, 2016, unless extended.

“The joining of Bridgestone and Pep Boys combines the expertise of nearly 200 years and a proud heritage in the American automotive aftermarket industry,” said T.J. Higgins, president, Consumer U.S. and Canada, Bridgestone Americas Tire Operations. “Both of our companies take immense pride in the skill of our employees, those in the bays and behind the counters of our stores. Bringing that technical talent together with our shared dedication to customer service will create a better, not just bigger, tire and automotive service retailer, and one that is positioned to best meet consumer needs.”