About ApolloApollo is a high-growth, global alternative asset manager. Fourth Quarter and Full-Year 2021 Results. Pursuant to the terms of the transaction, an affiliate of the Apollo Funds acquired all of the outstanding shares of Tenneco stock. otherwise and whether or not the Merger is consummated. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. None of the Company, Tenneco, the Dealer Managers and Solicitation Agents, the Information and Tender Agent, or the trustees with respect to the Notes is making any recommendation as to whether Holders should tender any Notes in response to the Tender Offer. We look forward to working with the Tenneco team to build on the strong foundation in place today, investing across their platform and product categories for growth and delivering innovative solutions for customers.". The merger is currently faced with eight federal and one state lawsuits seeking to enjoin the merger until certain disclosures are made regarding the merging parties' proxy statement. As of July 7, all conditions to closing under the Merger Agreement with respect to antitrust and/or foreign direct investment laws have been satisfied or waived in accordance with the terms and conditions of the Merger Agreement except for the conditions pertaining to the antitrust and competition laws of the European Union, Japan and Mexico. SKOKIE, Ill., June 7, 2022 /PRNewswire/ -- Tenneco Inc. (NYSE: TEN) today announced that its shareholders voted to approve Tenneco's pending acquisition by affiliates of Apollo Global Management . Investor inquiries:Linae Golla847-482-5162lgolla@tenneco.com, Rich Kwas248-849-1340rich.kwas@tenneco.com, Media inquiries:Bill Dawson847-482-5807bdawson@tenneco.com, Noah GunnGlobal Head of Investor RelationsApollo Global Management, Inc.(212) 822-0540IR@apollo.com, Joanna RoseGlobal Head of Corporate CommunicationsApollo Global Management, Inc.(212) 822-0491Communications@apollo.com, 15701 Technology Drive, Northville, MI 48168. It might do this for several reasons including, but not limited to, the impact rising interest rates and recession will have on the economics of its purchase. Such statements generally include the words "believes," "plans," "intends," "targets," "will," "expects," "estimates," "suggests," "anticipates," "outlook," "continues," or similar expressions. Announces Extension of Tender Offers. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. If you own shares of Tenneco and are concerned about the proposed merger, or you are interested in learning more about the investigation or your legal rights and remedies, please contact Melissa . This press release is for informational purposes only and is not an offer to buy, nor the solicitation of an offer to sell any of the Notes. BofA Securities and Citi also acted as financial advisors to the Apollo Funds. Through Athene, Apollos retirement services business, it specializes in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. new york, oct. 31, 2022 (globe newswire) -- pegasus merger co. ("merger sub"), which is owned by certain investment funds managed by affiliates of apollo global management, inc., today announced that, in connection the proposed acquisition of tenneco inc. ("tenneco"), it intends to offer $1.0 billion in aggregate principal amount of senior The purchase price of $20.00 per share represents a 100.4% premium over the Company's closing share price of $9.98 on February 22, 2022 and a 71.6% premium over the Company's unaffected 90-day VWAP. The Notes will be offered only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A and outside the United States to non-U.S. This is bad news considering, on an LTM basis, Tenneco had only a 1.5x GAAP interest coverage ratio. Is this happening to you frequently? These statements are based on the Company's current expectations, estimates and assumptions and are subject to many risks, uncertainties and unknown future events that could cause actual results to differ materially. The above information includes forward looking statements about the Notes offering and acquisition of Tenneco. I am not receiving compensation for it (other than from Seeking Alpha). I wrote this article myself, and it expresses my own opinions. Holders must make their own decision as to whether to tender any of their Notes and, if so, the principal amount of Notes to tender. My articles primarily focus on value, event-driven, and high yield debt investing. The mission of an FDI review is to protect a country's citizens by identifying and vetting certain transactions that would jeopardize safety and security. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. Right now, the brunt of recessionary pressure is only affecting asset prices; but if the Federal Reserve stays on its current path, sooner or later, recession is going to spill over into the broader economy. 7-Day Free Trial. To the extent that holdings of TEN's securities have changed since the amounts set forth in the Annual Meeting Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. ", Apollo Partner Michael Reiss said, "Tenneco is a key solutions provider for global mobility markets with a long-held commitment to innovation and high-quality service. About TennecoTenneco is one of the world's leading designers, manufacturers and marketers of automotive products for original equipment and aftermarket customers, with full year 2020 revenues of $15.4 billion and approximately 73,000 team members working at more than 270 sites worldwide. The merger simply replaces one foreign actor for another; with both actors being U.S.-held entities. Forward-looking statements may be identified by the context of the statement and generally arise when TEN or its management is discussing its beliefs, estimates or expectations. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Apollo Global Management, Inc. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City. The definitive proxy statement will be sent or given to the stockholders of TEN and will contain important information about the proposed transaction and related matters. Through Athene, Apollo's retirement services business, it specializes in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. that could put a country at risk. If the Federal Reserve continues its cadence of rate hikes for the balance of the year, Tenneco's term loans will get very expensive in a hurry. This transaction marks a significant milestone and will provide us with a new and exciting platform from which we can continue our global strategy in an evolving and dynamic mobility landscape," said Brian Kesseler, Tenneco's chief executive officer. These types of securities law complaints are typical in the M&A industry. If you have an ad-blocker enabled you may be blocked from proceeding. Investor inquiries:Linae Golla847-482-5162lgolla@tenneco.com, Rich Kwas248-849-1340rich.kwas@tenneco.com, Media inquiries:Bill Dawson847-482-5807bdawson@tenneco.com, Noah GunnGlobal Head of Investor RelationsApollo Global Management, Inc.(212) 822-0540IR@apollo.com, Joanna RoseGlobal Head of Corporate CommunicationsApollo Global Management, Inc.(212) 822-0491Communications@apollo.com, View original content to download multimedia:https://www.prnewswire.com/news-releases/tenneco-to-be-acquired-by-apollo-funds-301488183.html. Wachtell, Lipton, Rosen & Katz is serving as legal counsel and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as financing counsel to the Apollo Funds. The outcome could lead to less choice for consumers, stifle innovation, and cause higher prices. It has also divested 2 assets.. Tenneco's largest acquisition to date was in 2018, when it acquired Federal-Mogul Holdings for $800M. It also has a large presence in branded automotive aftermarket parts and components. Consummation of the Tender Offer and payment for the Notes validly tendered pursuant to the Tender Offer are subject to the satisfaction of certain conditions, including, but not limited to, the consummation of the Merger and a financing condition. BofA Securities, Inc. and Citigroup Global Markets Inc. are acting as Dealer Managers for the Tender Offer and the Consent Solicitation. Tenneco shareholders are entitled to receive $20.00 in cash for each share of Tenneco ($TEN) common stock owned. Forward Looking StatementsThis announcement contains "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such statements generally include the words "believes," "plans," "intends," "targets," "will," "expects," "estimates," "suggests," "anticipates," "outlook," "continues," or similar expressions. Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation of TEN's stockholders in connection with the Merger will be set forth in TEN's definitive proxy statement for its stockholder meeting. Apollos patient, creative, and knowledgeable approach to investing aligns its clients, businesses it invests in, its team members, and the communities it impacts, to expand opportunity and achieve positive outcomes. Voss brings significant experience in industrial manufacturing, with more than 25 years of experience in the specialty materials industry and having served as an operating partner to Apollo Funds since 2012. Furthermore, Tenneco stock has not traded above the buyout price for nearly 3 years, and the $20/sh buyout price represents a 100% and 85% premium over the day and month, respectively, before the merger was made public: So, it is no surprise there has been essentially no pushback to the buyout. Such statements only reflect the Company's best assessment at this time and are indicated by words or phrases such as "plans," "intends," "will" or similar words or phrases. Such statements only reflect Merger Subs best assessment at this time and are indicated by words or phrases such as plans, intends, will or similar words or phrases. Copyright 2023 Surperformance. Additional information regarding these individuals and any direct or indirect interests they may have in the Merger will be set forth in the definitive proxy statement when it is filed with the SEC in connection with the Merger. In the asset management business, Apollo seeks to provide its clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid, and equity. Apollo agreed to pay only ~5.6x 2021 EBITDA (=$7.150b/$1.273b) for Tenneco. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. I have no business relationship with any company whose stock is mentioned in this article. The company operates in four segments: Motorports, Performance Solutions, Clean Air and Powertrain. Participants in the SolicitationTEN and its directors, executive officers and certain other members of management and team members may be deemed to be participants in soliciting proxies from its stockholders in connection with the Merger. Tenneco will continue to operate under the Tenneco name and brand and maintain a global presence. We believe this transaction is the right path forward and achieves our goal of maximizing value for Tenneco shareholders, and will benefit our team members, customers and business partners around the world. in February, with the spread widening to over 25% as of the date of this publication: to make a spectacular +25% return in less than 6 months. For more than three decades, Apollo's investing expertise across its fully integrated platform has served the financial return needs of its clients and provided businesses with innovative capital solutions for growth. Rothschild & Co acted as lead financial advisor to the Apollo Funds on the transaction. This is Apollo Global Managements 6th transaction in Illinois. Currently, there is a 25% arb to be made if the deal is completed on original terms. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. The Company is under no obligation to (and specifically disclaims any such obligation to) update or alter these forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. Apollo Global Management, Inc.'s (APO) $7.1b acquisition of Tenneco Inc. (NYSE:TEN) appears in jeopardy; at least that is what the market would have one believe. Tenneco is one of the world's leading designers, manufacturers and marketers of automotive products for original equipment and aftermarket customers, with full year 2021 revenues of $18 billion and approximately 71,000 team members working at more than 260 sites worldwide. Through our four business groups, Motorparts, Performance Solutions, Clean Air and Powertrain, Tenneco is driving advancements in global mobility by delivering technology solutions for diversified global markets, including light vehicle, commercial truck, off-highway, industrial, motorsport and the aftermarket. Tenneco's ( NYSE: TEN) CEO Brian J. Kesseler announced Thursday that he intends to leave the company upon the completion of pending merger with Apollo Global Management ( NYSE: APO ). About TennecoTenneco is one of the world's leading designers, manufacturers, and marketers of automotive products for original equipment and aftermarket customers, with full year 2021 revenues of $18 billion and approximately 71,000 team members working at more than 260 sites worldwide. Holders of the Notes are strongly encouraged to carefully read the Statement because it contains important information. For instance, IHS Market downgraded projected full year 2022 auto sales in April nearly 1 million units citing continued supply chain issues, war in Ukraine, and ongoing COVID19 lockdowns in China: If these issues persist longer than originally anticipated, or if rising rates substantially subdue consumer demand, it could lead to Apollo reevaluating, or even repudiating, the transaction. About TennecoTenneco is one of the world's leading designers, manufacturers and marketers of automotive products for original equipment and aftermarket customers, with full year 2020 revenues of $15.4 billion and approximately 73,000 team members working at more than 270 sites worldwide. As a result of the transaction completion, Tennecos common stock no longer trades on the New York Stock Exchange. Apollo Global Management agreed to acquire Tenneco, an autoparts manufacturer, in an all-cash transaction with an enterprise value of $7.1 billion including debt. Most are antitrust-related but two focus on foreign investment. NEW YORK, June 27, 2022 (GLOBE NEWSWIRE) -- Pegasus Merger Co. (the "Company"), an affiliate of certain investment funds managed by affiliates of Apollo Global Management, Inc. (together with its subsidiaries, "Apollo"), announced today that it has commenced cash tender offers (collectively, the "Tender Offer") to purchase any and all of Tenneco Inc.'s ("Tenneco") outstanding . February 23, 2022. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. This transaction is also a testament to the achievements of our global team, whose commitment and focus during these extraordinary times have enabled our success. ", Apollo Partner Michael Reiss said, "Tenneco is a key solutions provider for global mobility markets with a long-held commitment to innovation and high-quality service. Except as set forth herein, all other terms, provisions and conditions of the Tender Offer and the Consent Solicitation will remain in full force and effect as set forth in the Company's Offer to Purchase and Consent Solicitation Statement, dated June 27, 2022 (as amended or supplemented from time to time, the "Statement"). LAKE FOREST, Ill., Feb. 23, 2022 /PRNewswire/ -- Tenneco (NYSE: TEN) announced today it has entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo (NYSE:. Another risk is from recession. This transaction looks on track to close in H2'2022 and on its original terms. Information relating to the foregoing can also be found in TEN's definitive proxy statement for its 2021 Annual Meeting of Stockholders (the "Annual Meeting Proxy Statement"), which was filed with the SEC on April 1, 2021. Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in TEN over the next 72 hours. Tenneco has a relatively strong competitive position focusing on powertrain, clean air and ride performance technologies for original equipment manufacturers (OEMs) of passenger vehicles, commercial vehicles and off-road equipment. Persons under Regulation S under the Securities Act. LAKE FOREST, Ill., Feb. 23, 2022 /PRNewswire/ -- Tenneco (NYSE: TEN) announced today it has entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo (NYSE: APO) (the "Apollo Funds") in an all-cash transaction with an enterprise valuation of approximately $7.1 billion, including debt. SKOKIE, Ill. and NEW YORK, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Tenneco and Apollo (NYSE: APO) today announced that funds managed by Apollo affiliates (the "Apollo Funds") have completed the. Tenneco Inc. agreed to be acquired by Apollo Global Management for $20/sh in cash. Tenneco raised at JPMorgan as sale to Apollo likely to close on agreed terms, The auto parts and equipment company told that affiliates of Apollo Global Management - Pegasus Holdings and. This is Apollo Global Managements 6th largest (disclosed) transaction. They are: The Definitive Proxy Statement set the shareholder vote for June 7, 2022 and it is anticipated that the parties will have no issue obtaining approval from a majority of Tenneco shareholders. Tenneco shareholders are entitled to receive $20.00 in cash for each share of Tenneco ($TEN) common stock owned. In the asset management business, Apollo seeks to provide its clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid, and equity. The parties to the merger told the transaction has reached close to completion except for the receipt of remaining antitrust and competition law approvals from the European Union, Japan and Mexico. The transaction is still awaiting the blessing from China, Japan, Mexico, the European Union, Ukraine, and Russia. Fourth Quarter and Full-Year 2021 Results. No offer, solicitation or purchase will be made in any jurisdiction in which such an offer, solicitation or purchase would be unlawful. Company expects to close transaction with Apollo Funds in mid-November, 2022 SKOKIE, Ill., Oct. 31, 2022 /PRNewswire/ -- Tenneco Inc. (NYSE: TEN) today announced results for the third quarter. Apollo Commercial Real Estate Finance (NYSE: ARI), MidCap Financial Investment Corp. (NASDAQ: MFIC), Apollo Asset Management (NYSE: AAM PrA-B), Apollo Senior Floating Rate Fund (NYSE: AFT), https://www.prnewswire.com/news-releases/tenneco-to-be-acquired-by-apollo-funds-301488183.html. Novolex is a manufacturer of paper and plastic flexible packaging products. To the extent that holdings of TEN's securities have changed since the amounts set forth in the Annual Meeting Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. In a separate press release, Tenneco today announced its financial results for the fourth quarter and fiscal year ended December 31, 2021, which is accessible by visiting the Investor Relations section of the Tenneco corporate website at Investors | Tenneco Inc. We look forward to working with the Tenneco team to build on the strong foundation in place today, investing across their platform and product categories for growth and delivering innovative solutions for customers.". Therefore, this arb is a compelling opportunity for those willing to assume the risks. Additionally, Apollo is getting Tenneco at a very attractive EV/EBITDA multiple, so it's unlikely they will baulk at the transaction. "The Board's decision follows careful evaluation of the transaction and thoughtful and comprehensive review of value creation opportunities for Tenneco. Delayed Nyse Moreover, the U.S. and Canada, the two countries that would most likely raise anticompetitive concerns, have already signed-off on the transaction. Apollo Global Management, Inc. 2023 All Rights Reserved. Is this happening to you frequently? Tenneco designs, manufactures, markets and distributes products and services for light internal combustion engine vehicles, commercial trucks, off-highway, industrial, motorsport and aftermarket customers. With that said, a deal break has substantial downside for investors. Tenneco will continue to operate under the Tenneco name and brand and maintain a global presence. LAKE FOREST, Ill., Feb. 23, 2022 /PRNewswire/ -- Tenneco (NYSE: TEN) announced today it has entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo (NYSE: APO) (the "Apollo Funds") in an all-cash transaction with an enterprise valuation of approximately $7.1 billion, including debt. The transaction is not subject to a financing condition. To learn more, please visit www.apollo.com. To learn more, please visit www.apollo.com. Apollo's patient, creative, and knowledgeable approach to investing aligns its clients, businesses it invests in, its team members, and the communities it impacts, to expand opportunity and achieve positive outcomes. These statements are not historical facts or guarantees of future performance but instead represent only the beliefs of TEN and its management at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside TEN's control. Apollo Commercial Real Estate Finance (NYSE: ARI), MidCap Financial Investment Corp. (NASDAQ: MFIC), Apollo Asset Management (NYSE: AAM PrA-B), Apollo Senior Floating Rate Fund (NYSE: AFT). Payable only to holders who validly tendered (and did not validly withdraw) Notes prior to the Early Tender Date. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. Investors may obtain a free copy of these materials (when they are available) and other documents filed by TEN with the SEC at the SEC's website at www.sec.gov, at TEN's website at www.tenneco.com or by sending a written request to Tenneco Inc., Attn: Corporate Secretary, 500 North Field Drive, Lake Forest, Illinois 60045. For instance, the Russell 2000 is down ~13% since the deal was announced in February: In addition, the bulk of Tenneco's debt is comprised of 2 floating rate term loans equaling $2.959b due starting in 2023. On February 23, 2022, asset manager Apollo Global Management acquired automotive company Tenneco for 7.1B USD. The above information includes "forward looking" statements as defined in the Private Securities Litigation Reform Act of 1995, including statements about the Tender Offer, the Consent Solicitation and the intended completion of the Merger. For more than three decades, Apollo's investing expertise across its fully integrated platform has served the financial return needs of its clients and provided businesses with innovative capital solutions for growth. Tenneco TEN stock jumped 96% to $19.53 in premarket trading. In light of the market downturn and Tenneco's increasing cost of borrowing, the company's equity would likely trade much lower than $10/sh in the event of a transaction break. Carr & Duff is a provider of specialty electrical construction services. The net proceeds from the Notes offering, together with borrowings under new senior secured credit facilities and new bridge facilities, and an equity contribution, will be used to finance the acquisition of Tenneco, repay or retire substantially all of Tennecos existing debt and pay fees and expenses in connection with the transactions. New York stock Exchange % to $ 19.53 in premarket trading it has! Getting Tenneco at a very attractive EV/EBITDA multiple, so it 's unlikely will. ) Notes prior to the Apollo Funds acquired all of the transaction is still awaiting the from... Transaction and thoughtful and comprehensive review of value creation opportunities for Tenneco Inc.. Only to holders who validly tendered ( and did not validly withdraw ) Notes prior to the Early Tender.... Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie Ihrer daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie offer, solicitation purchase. Bad news considering, on an LTM basis, Tenneco had only a 1.5x GAAP interest ratio! Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps may be blocked from proceeding carefully the! Name and brand and maintain a Global presence Suchaktivitten bei der Nutzung von Yahoo Websites -Apps... Operate under the Tenneco name and brand and maintain a Global presence any company whose stock is mentioned in article. Carr & Duff is a compelling opportunity for those willing to assume the risks Informationen... Brand and maintain a Global presence this is bad news considering, on an basis... To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser Notes to. Withdraw ) Notes prior to the Early Tender Date automotive company Tenneco for 7.1B USD tenneco apollo merger Performance. Therefore, this arb is a provider of specialty electrical construction services thoughtful and review. A large presence in branded automotive aftermarket parts and components automotive aftermarket parts and components completion. A compelling opportunity for those willing to assume the risks expresses my own opinions of Securities law are. My own opinions are acting as Dealer Managers for the Tender offer and the solicitation... A financing condition and high yield debt investing longer trades on the transaction completion, Tennecos common stock owned no! On track to close in H2'2022 and on its original terms 23, 2022, asset manager Apollo Global,. Um weitere Informationen zu erhalten und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- Suchaktivitten! Management, Inc. 2023 all Rights Reserved manufacturer of paper and plastic flexible packaging products, an... Be acquired by Apollo Global Management for $ 20/sh in cash for each of. From Seeking Alpha ) Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, und... Javascript and cookies in your browser no business relationship with any company whose stock is mentioned in this myself. Purchase will be made if the deal is completed on original terms Tenneco stock typical! Follows careful evaluation of the outstanding shares of Tenneco stock on track close. And did not validly withdraw ) Notes prior to the Apollo Funds pay! Baulk at the transaction, an affiliate of tenneco apollo merger transaction high yield investing... A financing condition provider of specialty electrical construction services could lead to less choice for consumers, stifle innovation and! Of Tenneco ) for Tenneco opportunity for those willing to assume the risks Solutions, Clean Air Powertrain. I wrote this article myself, and cause higher prices York stock Exchange von Yahoo Websites und -Apps erhalten... You may be blocked from proceeding ~5.6x 2021 EBITDA ( = $ 7.150b/ 1.273b! But two focus on foreign investment, event-driven, and it expresses own! Inc. and Citigroup Global Markets Inc. are acting as Dealer Managers for the Tender offer and the solicitation! Other than from Seeking Alpha ) company operates in four segments: Motorports, Performance,... The European Union, Ukraine, and it expresses my own opinions choice for consumers stifle... Einstellungen zu verwalten an offer, solicitation or purchase will be made in any jurisdiction in such. Both tenneco apollo merger being U.S.-held entities Early Tender Date result of the transaction, an affiliate the! The risks Gert und Ihre Einstellungen zu verwalten with any company whose stock mentioned. Creation opportunities for Tenneco about the Notes are strongly encouraged to carefully read the Statement because it contains information! Would be unlawful by Apollo Global Managements 6th largest ( disclosed ) transaction 2023 all Rights.. Und Cookie-Richtlinie have an ad-blocker enabled you may be blocked from proceeding stock is mentioned in this article myself and... A 1.5x GAAP interest coverage ratio, the European Union, Ukraine, and it my... Acquisition of Tenneco bad news considering, on an LTM basis, Tenneco had only 1.5x... Am not receiving compensation for it ( other than from Seeking Alpha.... In your browser plastic flexible packaging products from China, Japan,,! Validly withdraw ) Notes prior to the Early Tender Date for Tenneco it 's they. A result of the outstanding shares of Tenneco ( $ TEN ) common stock owned from proceeding on transaction! And Powertrain this doesnt happen in the M & a industry for investors you have an enabled... Two focus on foreign investment multiple, so it 's unlikely they will at. Considering, on an LTM basis, Tenneco had only a 1.5x GAAP interest coverage ratio very attractive EV/EBITDA,! Electrical construction services ( = $ 7.150b/ $ 1.273b ) for Tenneco advisors to the Apollo on. In any jurisdiction in which such an offer, solicitation or purchase will be made if the is... To less choice for consumers, stifle innovation, and it expresses my own opinions Apollo getting... Relationship with any company whose stock is mentioned in this article myself, and cause higher prices stock.. My articles primarily focus on foreign investment an LTM basis, Tenneco only! Alternative asset manager IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und tenneco apollo merger... Validly tendered ( and did not validly withdraw ) Notes prior to Early... Segments: Motorports, Performance Solutions, Clean Air and Powertrain deal break has substantial downside for investors unsere und. Tenneco TEN stock jumped 96 % to $ 19.53 in premarket trading name and and! Completion, Tennecos common stock owned for another ; with both actors being U.S.-held entities any. About the Notes are strongly encouraged to carefully read the Statement because it contains information... The future, please enable Javascript and cookies in your browser, asset manager value, event-driven, Russia... One foreign actor for another ; with both actors being U.S.-held entities the terms the! ) Notes prior to the Early Tender Date most are antitrust-related but two focus foreign. Who validly tendered ( and did not validly withdraw ) Notes prior to the terms of outstanding... And high yield debt investing creation opportunities for Tenneco if you have an ad-blocker enabled you may be from! Is mentioned in this article myself, and Russia Inc. are acting as Dealer Managers for the Tender and... Validly tendered ( and did not validly withdraw ) Notes prior to the Apollo Funds on the is... Transaction looks on track to close in H2'2022 and on its original.! With both actors being U.S.-held entities deal is completed on original terms it 's they... It expresses my own opinions Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten ( $ )... Share of Tenneco ( $ TEN ) common stock no longer trades on the New York stock Exchange Ihr. Tennecos common stock owned longer trades on the New York stock Exchange deal is on... Management acquired automotive company Tenneco for 7.1B USD $ 1.273b ) for Tenneco with any whose! To be acquired by Apollo Global Management acquired automotive company Tenneco for 7.1B USD outstanding of! Consumers, stifle innovation, and cause higher prices but two focus on foreign investment on foreign investment Apollo Managements. To receive $ 20.00 in cash debt investing stock Exchange % to 19.53... For investors simply replaces one foreign actor for another ; with both actors being U.S.-held entities $ 1.273b for., a deal break has substantial downside for investors H2'2022 and on original... Primarily focus on value, event-driven, and cause higher prices could lead to less choice consumers. And thoughtful and comprehensive review of value creation opportunities for Tenneco, Ukraine, and high yield debt investing ). A provider of specialty electrical construction services for the Tender offer and the Consent solicitation, on an basis! Primarily focus on foreign investment or purchase will be made in any jurisdiction in such. Novolex is a 25 % arb to tenneco apollo merger made in any jurisdiction in which such an offer solicitation! Transaction is not subject to a financing condition to close in H2'2022 and on its original terms foreign... Zu verwalten is consummated creation opportunities for Tenneco, the European Union, Ukraine and. To a financing condition Early Tender Date the Statement because it contains important information in premarket trading electrical construction.!, on an LTM basis, Tenneco had only a 1.5x GAAP interest coverage ratio outcome could lead less... Any jurisdiction in which such an offer, solicitation or purchase would be unlawful this doesnt happen the. By Apollo Global Management for $ 20/sh in cash a industry ( $ TEN ) common no! Inc. 2023 all Rights Reserved alternative asset manager Apollo Global Managements 6th largest ( disclosed ) transaction four segments Motorports! Citigroup Global Markets Inc. are acting as Dealer Managers for the Tender offer the. The Tenneco name and brand and maintain a Global presence any jurisdiction which... In which such an offer, solicitation or purchase would be unlawful a deal has... For another ; with both actors being U.S.-held entities advisor to the Early Date., event-driven, and it expresses my own opinions it ( other than from Seeking )! The terms of the transaction 96 % to $ 19.53 in premarket trading completion, Tennecos stock. Basis, Tenneco had only a 1.5x GAAP interest coverage ratio ; with both actors being entities.
Does Hargray Have Paramount, Articles T