Pep Boys' Stock Higher Following Latest Bid From Carl Icahn

Shares of Pep Boys-Manny Moe and Jack (NYSE: PBY) were trading higher by more than 6 percent early Tuesday morning after Carl Icahn's Icahn Enterprises LP (NASDAQ: IEP) raised its bid to acquire the company to $18.50 per share.

CNBC noted that Icahn's latest bid of $18.50 per share values Pep Boys at around $1 billion. The most recent competing offer from Bridgestone valued the company only at $17 per share, or around $947 million.

Icahn and Bridgestone have been taking part in a fierce bidding war for Pep Boys. However, the battle may be coming to an end as Pep Boys' Board of Directors stated on Monday that Icahn's most recent offer represents a "superior proposal."