Carl Icahn raises offer for Pep Boys to $18.50 per share

(Reuters) - Activist investor Carl Icahn raised his offer for U.S. auto parts maker Pep Boys-Manny Moe & Jack , topping Japanese tire maker Bridgestone Corp 's latest bid by $1.50, to value the company at about $1 billion.

Icahn Enterprises said it would pay $18.50 for each Pep Boys share, up from his previous offer of $16.50, according to a regulatory filing.

Bridgestone on Dec 24 had raised its offer by $1.50 to $17 per share, valuing the company at about $947 million.

(Reporting by Ramkumar Iyer in Bengaluru; Editing by Anil D'Silva)