Bridgestone Confirms It Will Not Counter Icahn's $18.50 Bid For Pep Boys

Shares of Pep Boys - Manny Moe & Jack (NYSE: PBY) were trading lower by nearly 3 percent early Wednesday morning at $18.45.

Bridgestone announced in a press release that it will not present a counter offer to acquire the company. Carl Icahn's Ican Enterprises LP (NASDAQ: IEP) offered to acquire the company for $18.50 on Tuesday.

Pep Boys' stock surged on Tuesday, trading as high as $19.03 as investors and traders likely speculated Bridgestone would attempt to counter Icahn's offer.