It is reported that Bridgestone has already announced that it will abandon the acquisition of Pep Boys, a US auto parts retailer, and no longer match Carl Icahn's offer of 18.5 US dollars per share.

Pep Boys, a US auto parts retailer

It is understood that on December 30, Beijing time, Icahn’s company formally approved the acquisition of Pep Boys, with a total price of US$1.03 billion. The transaction will be completed in cash in the first quarter of next year.

In addition, since Bridgestone had previously signed an acquisition agreement with Pep Boys, Icahn will pay Bridgestone's $39.5 million as a "break-up fee."

This "acquisition series" that lasted for more than two months finally ended before the 2016 New Year's Day.

According to industry insiders, Bridgestone’s M&A road has not ended and although it has not completed its acquisition of Pep Boys, it will still look for the next target. Because of the trend of global tire manufacturers acquiring dealers, manufacturers are paying more and more attention to controlling sales channels.

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