Shares of the auto retailer, whose full name is Pep Boys — Manny, Moe & Jack, fell 2.9 percent to $18.39 Wednesday. The stock has gained 87 percent this year, largely driven by the bidding war.

The Pep Boys - Manny, Moe&Jack, an auto parts chain founded more than 90 years ago, has agreed to be taken private by investment Gores Group for about$791 million.

Pep Boys - Manny, Moe & Jack's (PBY) shares gained 0.11% to close at $18.41 on Dec 31, 2015, after the company announced a definitive merger agreement.

Pep Boys started in Philadelphia in 1921 when four friends started a business to meet the growing demand for automobile parts. Almost 25 years later, the company opened its first service center.

Icahn Enterprises raised its bid for Pep Boys — Manny Moe & Jack to $16.50 a share, or about $919 million, continuing its tussle with Bridgestone Corp. for the auto-parts and repair chain.