Carl isn’t fucking around. I’m sure the lads over at PBY are throwing tires around the office, at the specter of Carl taking control of the company. They’d much rather prefer to wed with the grease monkies at Bridgestone.
Carl just upped the ante, offering $18.50 for PBY, $1.50 more than Bridgestone’s all cash offer.
On December 28, 2015, Icahn Enterprises delivered to the Issuer a proposal to acquire all of the outstanding Shares for $18.50 per Share in cash in a negotiated transaction that would not be subject to any due diligence, financing or antitrust conditions. In the Proposal, Icahn Enterprises stated that, as one of the Issuer’s largest shareholders, Icahn Enterprises believes it is contrary to the best interests of all of the Issuer’s shareholders for the Issuer to agree to any increase of the termination fee payable to Bridgestone Retail Operations, LLC (“Bridgestone”) pursuant to the Agreement and Plan of Merger, dated as of October 26, 2015, by and among the Issuer, Bridgestone and TAJ Acquisition Co. (as amended through December 24, 2015, the “Bridgestone Agreement”), because it would prevent a truly robust auction. Icahn Enterprises also indicated in the Proposal that it could be willing to bid in excess of $18.50 per Share for the Issuer. However, Icahn Enterprises also stated in the Proposal that it does not intend to bid any higher than $18.50 per Share if the Issuer agrees to any increase of Bridgestone’s termination fee.”
Carl said he would top any offer Bridgestone would make. I guess the muffler faces at PBY should’ve taken him seriously.
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I hope the PBY lads saved enough lucre for a long holiday of the Cherif Souki variety.
I see a lot of short-term indicators looking awful, like the put/call for equities to name one. Not inspiring much confidence. Fly’s reporting has been excellent today.
Pep Boys staff in LA charged a friend to replace parts that were not replaced. When confronted with physical proof, they said “so what?” No apology, the just adjusted the bill and said go away.
All Y’all know that these mini waves in the ocean which is “the market” are just a prelude to the giant sucking vortex which is oil related debt coming due……….don’t you?
We’re talking apocalyptic sized billions in debt that is currently uncollateralized due to the Saudi’s flushing out the worlds high cost producers.
I saw this forecasted in the smoke signals emitted by the thousands of cretins around here burning wood for warmth.
AZO has become a great short opportunity in the past few weeks.