Late last year, Bridgestone Corp. CEO Masaaki Tsuya did something rare in Japanese business circles. He put corporate pride aside, and walked away from an escalating bidding war with Carl Icahn for the U.S. auto parts chain Pep Boys.
The acquisition would have been a good fit for the Japanese tire maker, but not for the $1 billion-plus price that Icahn paid in an all-cash deal, according to Tsuya, 63. "It's like selecting a husband for your daughter," he said in an interview. "You have to be skeptical and keep asking whether she has really made the right choice."
Tsuya's philosophical approach to deal-making comes from an unpleasant experience.