AKRON (Dec. 27, 2016) — Consolidation through mergers and acquisitions continued throughout 2016 in manufacturing, wholesale, commercial and retail.
Among the deals were three billion-dollar acquisitions:
- Icahn Enterprises L.P.’s $18.50 per-share tender offer for Pep Boys–Manny, Moe & Jack;
- Yokohama Rubber Co. Ltd.’s $1.18 billion purchase of farm and OTR tire maker Alliance Tire Group B.V.; and
- Trelleborg A.B.’s $1.25 billion takeover of Czech rubber producer CGS Holding A.S., parent of tire maker Mitas A.S.
Deals worth noting, broken down by segment, include:
Retail
Icahn Enterprises bought Pep Boys–Manny, Moe & Jack in February for $1.03 billion after a four-week-long bidding war in late 2015 with Bridgestone Americas over control of the Philadelphia-based auto parts and repair chain. Icahn is proceeding with plans to merge Pep Boys with its Auto Plus parts business — also acquired in 2016 — and named Brent Windom, president and CEO of Auto Plus, to the same position with Pep Boys.
Monro Muffler Brake Inc. added 65 stores in 2016 via acquisition, including 56 in two major purchases — Clark Tire & Auto Inc. (26 stores in North Carolina) and McGee Auto Service & Tires (29 stores in Florida).
Read the source article at Tire Business