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Pep Boys soars on latest Icahn offer; Bridgestone bows out

NEW YORK — Carl Icahn appears to have emerged as the winner of the bidding war for auto parts and services retailer Pep Boys after Japanese tiremaker Bridgestone said it won’t counter his latest offer of about $1 billion.

Shares of Pep Boys hit their highest point in eight years on Tuesday after the company received a sweetened offer from Icahn of $18.50 in cash per share. That was up $2 per share from Icahn’s earlier bid and $1.50 better than the latest from Bridgestone.

Late Tuesday, Bridgestone indicated it was bowing out of the bidding war, saying it won’t make a counter offer.

Philadelphia-based Pep Boys — Manny, Moe & Jack has about 800 outlets selling auto parts and offering vehicle maintenance.