Law firm Proskauer has represented longtime client Icahn Enterprises in its tender offer to acquire The Pep Boys – Manny, Moe and Jack in an all-cash transaction for USD18.50 per share, or approximately USD1.031 billion in aggregate equity value.
The transaction, which has been unanimously approved by the boards of directors of both companies, is expected to close in the first quarter of 2016.
Icahn Enterprises, a master limited partnership, is a diversified holding company with 10 primary business segments: investment, automotive, energy, metals, railcar, gaming, mining, food packaging, real estate and home fashion.
Pep Boys, one of the nation’s leading automotive aftermarket and retail chains, which was founded in 1921, offers tires and automotive maintenance, repair, parts and accessories in more than 800 locations in 35 states and Puerto Rico.
The Proskauer team was led by Corporate partner Julie Allen, who co-heads the Firm’s Capital Markets Group and is a member of the Mergers & Acquisitions Group. The team also included associates Michael Saliba and Van Whiting (Corporate); and partner Martin Hamilton and associate Amy Zelcer (Tax).
