Based in Japan, Bridgestone Corporation is the world’s largest tyre and rubber company.
After determining the US$15.50 per share merger agreement proposed by Icahn Enterprises superior to Bridgestone’s $15.00 a share deal, The Pep Boys – Manny, Moe & Jack gave the tyre maker until 5:00pm (EST) last Friday to return with new and more attractive merger terms. Bridgestone Retail Operations (BSRO) did just that, and the two parties have now amended the terms of the merger agreement originally signed on 26 October.
The sales and marketing teams at Bridgestone and Firestone have been strengthened by the arrival of two dedicated brand managers. Peter Coleman and Stuart Attfield join the two respective teams and in doing so supplement a strengthened salesforce and pricing department. Both report to consumer marketing manager Wim Belckx and sales and marketing director Farrell Dolan.
The Board of Directors at US automotive aftermarket retailer The Pep Boys – Manny, Moe & Jack has declared the US$15.50 per share merger agreement received by Icahn Enterprises superior to the $835 million Bridgestone Retail Operations was prepared to pay, not least because it isn’t subject to due diligence or financing conditions, and it contains a ‘hell or high water’ anti-trust covenant. Pep Boys have now lobbed the ball back into Bridgestone’s court, and the tyre maker has two days to come back with a better offer.
US automotive aftermarket chain The Pep Boys – Manny, Moe & Jack gives word that its Board of Directors have determined the proposal from Icahn Enterprises L.P. to acquire Pep Boys for US$15.50 per share in cash would be expected to result in a “Superior Proposal” (as defined in the company’s agreement and plan of merger with Bridgestone Retail Operations, LLC). This opinion was reached after consultation with the company’s independent legal and financial advisors, however at this stage Pep Boys are still on track to take up the Bridgestone share offer.
As of 7 December, Jan Steinmetz has taken over as chief human resources officer at Bridgestone Americas. He succeeds Christine Karbowiak, who held the position since February in addition to her roles as the company’s chief administrative officer and chief risk officer. Steinmetz will lead the company’s international human resource programming for nearly 55,000 employees, and is located at Bridgestone’s Nashville-based Americas Support Center and headquarters.
A new line-up of Firestone tyres designed for both on- and off-road use aims to provide users with high levels of durability, long wear life and good grip over a wide range of tough terrain. Upon introducing its FS822 Steer, FD833 Drive and FT833 Trailer tyres, Bridgestone Europe says the trio “bring Firestone’s renowned no-nonsense, cost-effective approach to the on/off segment.”
Bridgestone Americas’ cash tender offer to acquire US automotive service and retail chain The Pep Boys – Manny, Moe & Jack for US$15.00 a share has been challenged by Icahn Enterprises L.P. The New York-based master limited partnership and owner of automotive aftermarket distributor Auto Plus has written to the Pep Boys’ board, proposing to pay a cash sum of $15.50 per share to acquire the entire outstanding stake in the company – an offer it believes “clearly superior” to the Bridgestone transaction.
The chief executive officer and chairman of the board at Bridgestone Corporation, Masaaki Tsuya, has been appointed honorary investment advisor to the Thailand Board of Investment (BOI). The role was established last month with the purpose of assisting the BOI in promoting Thailand as an attractive investment destination both in Southeast Asia and throughout the world.
Bridgestone has signed a new deal with the British Schoolboy Motorcycle Association (BSMA), making the tyre manufacturer the title sponsor of the Bridgestone BSMA National Series 2016. The new agreement means Bridgestone will complete a third successive year of involvement with the category, formerly known as a BSMA Clubman’s Series. The tyre giant adds that “massive improvements” are already planned for the youth series.
Bridgestone has committed to support the European Pact for Youth initiative, a mutual engagement of business leaders and the EU to develop and intensify business-education partnerships aimed at boosting youth employability and inclusion. The commitment was signed on 17 November by Franco Annunziato, chief executive officer and president of Bridgestone EMEA, at the Enterprise 2020 Summit in Brussels. Bridgestone also served as a summit sponsor.
Following the news in late September that Kenda received an investment license for setting up a tire factory in Vietnam, further attention has been cast on both the local tyre market and the country’s attractiveness to foreign tyre manufacturers.
Bridgestone has acquired a majority shareholding in Slovakian tyre retailer and retreader A.R.S. spol sro. The Japanese tyre major hasn’t disclosed how much it paid for its shareholding or what the post-transaction ownership structure of A.R.S. looks like, however it states that the deal will “guarantee the stable growth of A.R.S. and will give customers access to best quality products and highest level of services.” The former Michelin strategic partner’s eight service locations will now be rebranded under the ‘Bridgestone Partner’ name and its retreading operation joins Bridgestone’s Bandag network.
The EICMA International Motorcycle Show in Milan, Italy begins today, and Bridgestone is on hand with several premières. The tyre maker says the star of the show at its 178m² stand (Pavilion 24, stand M77) is the new Battlax Hypersport S21, which will be shown for the first time at EICMA 2015 and is on display fitted to the new-generation 1-litre Yamaha R1. Bridgestone is also presenting its latest flagship hypersport wet racing tyre, the Battlax Racing W01, for the first time ever.
LE Jones, one of the largest independent haulage companies in Wales, has signed a fleet tyre agreement with Bridgestone. According to the tyre maker, the premium M729 regional tyre will be used predominantly on 25 units and 50 trailers along with the RS01 (front steers), which were seen as perfect products – in the correct sizes – for the company’s transportation work.
Bridgestone has hosted customers and staff over three days at Mira, where the manufacturer presented its products through a series of driving experiences and displays. “Bridgestone World”, which also included Firestone brand products, comprised various wet handling and off-road driving experiences; a series of activities and displays, including Firestone’s music partnerships; Bridgestone’s sporting sponsorships in a specially created motocross area; and a Bridgestone Golf area.
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