Bridgestone Americas and The Pep Boys announced that Pep Boys and Bridgestone Retail Operations (BSRO), a wholly owned subsidiary of Bridgestone, have amended their agreement and plan of merger.

BSRO has increased the offer price to acquire all outstanding shares of common stock of Pep Boys from $15.50 per share to $17.00 per share in cash, or approximately $947 million in aggregate equity value. The revised offer price of $17.00 per share provides approximately $84 million in additional cash consideration to Pep Boys shareholders.

J.P. Morgan Securities is acting as the exclusive financial advisor to Bridgestone. Jones Day is acting as legal advisor to Bridgestone. Rothschild is acting as the exclusive financial advisor to Pep Boys. Morgan, Lewis & Bockius is acting as legal advisor to Pep Boys.

The Pep Boys board of directors has unanimously recommended that Pep Boys shareholders accept BSRO’s offer and tender their shares pursuant to that offer. Pep Boys also announced that its board of directors no longer deems the proposal received from Icahn Enterprises to acquire Pep Boys to be a “Superior Proposal” as defined in the agreement and plan of merger.