Japanese tire maker Bridgestone Corp on Friday raised its offer for U.S. auto parts retailer Pep Boys - Manny, Moe & Jack by 50 cents a share to $15.50 per share.
Bridgestone's new offer provides about $28 million in additional cash to Pep Boys shareholders, the company said.
The new offer comes after Pep Boys said on Wednesday that it planned to terminate its deal with Bridgestone as its board considered Carl Icahn's offer as a "superior proposal."
Carl Icahn's Icahn Enterprises LP had offered to buy Pep Boys for $15.50 per share.
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