tenneco apollo merger

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. Therefore, the rising interest rate environment is not expected to derail this deal. As a result of the transaction completion, Tennecos common stock no longer trades on the New York Stock Exchange. Banks Delay $5.4 Billion Buyout Financing to Apollo ($APO) for Tenneco ($TEN) - Bloomberg Markets Banks Delay $5.4 Billion Buyout Financing to Apollo for Based on the forgoing, this merger arbitrage presents a compelling opportunity. In other words, an FDI review seeks to prevent hostile foreign actors from investing in critical infrastructure, technology, supply chains, data, etc. 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. Were pleased to complete this acquisition and support Jim and the management team in making strategic investments across product categories to accelerate growth and deliver innovative customer solutions, said Apollo Partner Michael Reiss.

Home > Uncategorized > tenneco apollo merger. 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. The deal is scheduled to close in the second half of 2022. In the Merger Agreement, there are several conditions precedent in order to consummate the transaction. If the Merger is consummated, the Company's stockholders will cease to have any equity interest in the Company and will have no right to participate in its earnings and future growth.

As of June 30, 2022, Apollo had approximately $515 billion of assets under management. In light of the pending transaction with Apollo Funds, Tenneco will not conduct a conference call or give forward-looking guidance. Home > Uncategorized > tenneco apollo merger. Furthermore, failure to consummate the transaction for lack of debt funding puts Apollo on the hook to pay a $108m reverse termination fee. Certain funds managed by affiliates of Apollo Globa.. Tenneco Inc : Other Events, Financial Statements and Exhibits (form 8-K), Group of Banks Led by Citi, Bank of America to Fund $5.4 Billion Debt of Tenneco, JPMorgan Reinstates Tenneco at Overweight With $20 Price Target. LAKE FOREST, Ill., Feb. 23, 2022 /PRNewswire/ -- Tenneco (NYSE: TEN) announced today it has entered into a definitive agreement to be acquired by funds 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. Google and Amazon Struggle to Lay Off Workers in Europe, Toronto-Dominion Becomes Biggest Bank Short With $3.7 Billion on the Line, Nassim Taleb On What Bitcoiners, Anti-Vaxxers, VCs and Deadlifters Are Getting Wrong, Traders on Guard Hoping for Just Right Jobs Data: Markets Wrap, Apples Complex, Secretive Gamble to Move Beyond China. The transaction is still awaiting the blessing from China, Japan, Mexico, the European Union, Ukraine, and Russia. Apollo is a global private equity firm while Tenneco is a leader in design and manufacturing of original and aftermarket engine, suspension, air, and powertrain components. Cision Distribution 888-776-0942

An antitrust issue arises when a transaction has anticompetitive effects. 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. With that said, it does not appear that Apollo overpaid for Tenneco.

When typing in this field, a list of search results will appear and be automatically updated as you type. Our Standards: The Thomson Reuters Trust Principles. Apollo Contacts For SKOKIE, Ill. and NEW YORK, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Tenneco and Apollo (NYSE: APO) today announced that funds managed by Apollo Feb 28 (Reuters) - Apollo Global Management Inc (APO.N) negotiated a carve-out earlier this month in its agreement to acquire auto parts maker Tenneco Inc Therefore, Tenneco's current market price presents an opportunity for investors to make a spectacular +25% return in less than 6 months. No offer, solicitation or purchase will be made in any jurisdiction in which such an offer, solicitation or purchase would be unlawful. SKOKIE, Ill., June 7, 2022 /PRNewswire/ -- Tenneco Inc. (NYSE: TEN) today announced that its shareholders voted to approve Tenneco's pending acquisition by There is, however, a possibility that some of Apollo's past private equity investments could lead to increased antitrust scrutiny. Safe Harbor for 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. Persons under Regulation S under the Securities Act. While the ballooning spread between Tenneco's buyout and market price For more than three decades, Apollos 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. Webangus council phone number montrose. The completion of the Merger and settlement for Notes tendered and not withdrawn is currently expected to occur in the second half of 2022.

November 17, 2022 08:46 ET Tenneco Inc. agreed to be acquired by Apollo Global Management for $20/sh in cash. 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. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Theres No Easy Fix, Virginia Takes Novel Approach to Preserving Historic Green Book Locations, Texas State Bill TargetsLocal Tenant Protections Against Eviction, Chicagos Transit Chief Says Crime Is Hurting Ridership Rebound, Scaramuccis SkyBridge Capital Was Spiraling, and Then Came FTX, Sunaks Crypto Plans Are Hit by Reluctant UK Banks. 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, Inc. at Tenneco's annual meeting of shareholders held earlier today. kevin mccarthy staff directory With that said, ABC and Tenneco, while both automotive parts suppliers, have essentially no overlap in product offerings. Parent and Merger Sub are affiliates of certain investment funds managed by affiliates of Apollo Global Management, Inc. Pursuant to the Merger Agreement, the consummation of the Merger is subject to a number of closing conditions, including the receipt of certain approvals (or the expiration of waiting periods) under applicable antitrust and/or foreign direct investment laws in certain jurisdictions. The Company intends to further extend the Expiration Date, without extending the July 12, 2022 Withdrawal Deadline (unless required by law), to have the Settlement Date coincide with the closing of the Merger. | Source:

Such statements generally include the words "believes," "plans," "intends," "targets," "will," "expects," "estimates," "suggests," "anticipates," "outlook," "continues," or similar expressions. Veteran executive Jim Voss has been appointed CEO of Tenneco, effective immediately and as previously announced. Emerging growth company , If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. The Early Participation Premium is included in the Total Consideration. 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"). Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. All quotes delayed a minimum of 15 minutes. 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. LAKE FOREST, Ill., Feb. 23, 2022 /PRNewswire/ -- Tenneco (NYSE: TEN) announced today it has entered into a definitive agreement to be acquired by funds Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Another risk is from recession. As of September 30, 2022, Apollo had approximately $523 billion of assets under management. AI Is Moving Fast Enough to Break Things. The final voting results on the proposals voted on at the annual meeting will be set forth in a Form8-Kfiled by Tenneco with the U.S. Securities and Exchange Commission. Analyst recommendations: Nike, Albermarle, Diageo, Reckitt Benck.. Deutsche Bank Adjusts Tenneco's Price Target to $20 From $18, Maintains Hold Rating, Cover Page Interactive Data File (embedded within the Inline XBRL document), Executive Vice President and General Counsel, Chief Information Officer & Senior Vice President. -, Class A Voting Common Stock, par value $0.01 per share, Tenneco Announces to Supply Intelligent Suspension, Anti-Vibration Performance Materials Solutions for Rivian R1T and R1S Electric Vehicles, Banks fund Tenneco buyout after failed sale attempt, Apollo Funds Closes Acquisition of Tenneco. Copyright 2023 Surperformance. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day.

Tenneco shareholders are entitled to receive $20.00 in cash for each share of Tenneco ($TEN) common stock owned. 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. Veteran executive Jim Voss has been appointed CEO of Tenneco, effective immediately and as previously announced. -, Tenneco Announces to Supply Intelligent Suspension, Anti-Vibration Performance Materials Solutions for Rivian R1T and R1S Electric Vehicles, Banks fund Tenneco buyout after failed sale attempt, Apollo Funds Closes Acquisition of Tenneco. With that said, a deal break has substantial downside for investors. Reelection of Directors, Ratification of Auditors also Approved at 2022 Annual Shareholder Meeting. 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. These types of securities law complaints are typical in the M&A industry. 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. NEW YORK, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the officers or directors of Tenneco Inc. (NYSE: TEN) breached their fiduciary duties or violated the federal securities laws in connection with the companys acquisition by affiliates of Apollo Global Management, Inc. (NYSE: APO). articles a month for anyone to read, even non-subscribers! The stock traded close to Apollos APO take-private price of $20 a share, roughly double the stocks closing price of $9.98 a share on Tuesday. NEW YORK, Oct. 31, 2022 (GLOBE NEWSWIRE) -- Pegasus Merger Co. (Merger Sub), which is owned by certain investment funds managed by affiliates of is a nationally recognized law firm with offices in New York, California, and South Carolina. If you have an ad-blocker enabled you may be blocked from proceeding. The lenders have decided to launch the leveraged loan and high-yield bond offerings after the US Labor Day holiday, which falls on Sept. 5 this year, in the hopes that the later timing will provide a calmer backdrop for bringing in investors, according to people familiar with the deal who requested anonymity discussing a private transaction. The Notes will not be registered under the Securities Act of 1933, as amended (the Securities Act) or any state securities laws and may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. Russia contributed $100 million to the $15.4 billion annual revenue the company posted in 2020, and Tenneco does not own hard assets in Ukraine, according to a source familiar with the matter. To learn more, please visit www.apollo.com. Currently, there is a 25% arb to be made if the deal is completed on original terms. In light of the announced transaction with Apollo, Tenneco has cancelled the earnings conference call previously scheduled for February 24. SKOKIE, Ill. and NEW YORK, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Tenneco and Apollo (NYSE: APO) today announced that funds managed by Apollo Certain funds managed by affiliates of Apollo Globa.. Tenneco Inc : Other Events, Financial Statements and Exhibits (form 8-K), Group of Banks Led by Citi, Bank of America to Fund $5.4 Billion Debt of Tenneco, JPMorgan Reinstates Tenneco at Overweight With $20 Price Target. 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. In addition, the Company is not providing financial guidance for 2022 as a result of the pending transaction. Apollo agreed to assume all of Tenneco's debt. Except as required by applicable law, Tenneco undertakes no obligation to update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. The table below sets forth the consideration payable in connection with the Tender Offer: For each $1,000 principal amount of Notes, excluding accrued but unpaid interest, which interest will be paid in addition to the Tender Consideration or Total Consideration, as applicable. About Bragar Eagel & Squire, P.C. Additionally, Apollo is getting Tenneco at a very attractive multiple, so it's unlikely they will baulk at the transaction. WebTenneco is one of the worlds 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. Apollo Global Management Inc. said Wednesday it agreed to pay a roughly 100% premium to buy Tenneco Inc., sending shares of the clean air and powertrain I have no business relationship with any company whose stock is mentioned in this article. Pursuant to the terms of the transaction, an affiliate of the Apollo Funds acquired all of the outstanding shares of Tenneco stock. To learn more, please visit www.apollo.com. otherwise and whether or not the Merger is consummated. 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 billionand approximately 71,000 team members working at more than 260 sites worldwide. According to the proxy, on average acquirers paid ~7.3x EV/LTM EBITDA for similar target companies to Tenneco in the past. The full details of the Tender Offer and Consent Solicitation, including complete instructions on how to tender the Notes, are included in the Statement. Date of Report (Date of earliest event reported): October 28, 2022 (October 25, 2022), (Exact Name of Registrant as Specified in Charter), Registrant's telephone number, including area code: (847)482-5000. 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. paul ellis/Agence France-Presse/Getty Images. Accordingly, the applicable conditions to the completion of the Merger in Japan and the European Union set forth in the Merger Agreement have been satisfied. 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. 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. 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. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, TENNECO AGAIN NAMED AS ONE OF ETHISPHERE'S 2023 WORLD'S MOST ETHICAL COMPANIES, hlins Racing Joins NASCAR Competition Partner Program. Hence, the risk. 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. On October 25, 2022, the Japan Fair Trade Commission issued its approval of the Merger under the applicable provisions of the Anti-Monopoly Act of Japan. The acquisition was announced on Feb. 23, one day before Russia launched what it called a special military operation against Ukraine that has led to hundreds of casualties and has rattled global financial markets. Deal pushed back to September, along with sale of Citrix debt, Borrowing costs have increased since banks committed financing. The merger simply replaces one foreign actor for another; with both actors being U.S.-held entities. February 23, 2022.

Subject to the satisfaction of the remaining conditions to closing, Parent, Merger Sub and Tenneco expect to consummate the Merger in mid-November, 2022, promptly after the completion of certain debt financing activities by Parent and its debt financing sources that are contemplated by the Merger Agreement. Is this happening to you frequently? To learn more, please visit www.apollo.com. About ApolloApollo is a high-growth, global alternative asset manager. If the proposed transaction is consummated, Tenneco's stockholders will cease to have any equity interest in Tenneco and will have no right to participate in its earnings and future growth. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. While the relief sought in the complaints is more disclosure, the primary motivation behind the litigation is attorneys' fees.

The Early Tender Date was 5:00 p.m., New York City time, on July 19, 2022. Bonds backing Tenneco Inc. soared this morning on news that the automotive-components maker has agreed to be bought by affiliates of Apollo Global Management Inc. for $20 per share in cash a roughly 100% premium to Tuesday's closing price of $9.98 per share. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. Securities registered pursuant to Section 12(b) of the Securities Act: Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2of the Securities Exchange Act of 1934 (240.12b-2of this chapter). receipt of all required regulatory approvals; and. Holders are not entitled to withdraw previously tendered Notes or revoke Consents delivered pursuant to the Consent Solicitation, unless otherwise required by law.

As of September 30, 2022, Apollo had approximately $523 billion of assets under management. Investors are ascribing a high probability to Apollo's acquisition of Tenneco being completed. Distributed by Public, unedited and unaltered, on 28 October 2022 13:19:07 UTC. Additionally, Apollo is getting Tenneco at a very attractive EV/EBITDA multiple, so it's unlikely they will baulk at the transaction. 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. As of June 30, 2022, Apollo had approximately $515 billion of assets under management. There will be a marketing period for the contemplated notes that will take place once all conditions precedent to the merger are satisfied. . 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. According to information provided by Global Bondholder Services Corporation, the Information and Tender Agent for the Tender Offer, the Company has received tenders and consents from holders of more than 99% of the total outstanding principal amount of the 5.125% Notes, and tenders and consents from holders of more than 98% of the total outstanding principal amount of the 7.875% Notes. Forward-looking statements may be identified by the context of the statement and generally arise when the Company or its management is discussing its beliefs, estimates or expectations. Tenneco shares hovered around $19.23 on Monday, very close to the $20 per share deal price. Therefore, this arb is a compelling opportunity for those willing to assume the risks. For Tenneco investors:Linae Golla847-482-5162[emailprotected], For Tenneco media:Bill Dawson847-482-5807[emailprotected], For Apollo investors:Noah GunnGlobal Head of Investor RelationsApollo Global Management, Inc.(212) 822-0540[emailprotected], For Apollo media:Joanna RoseGlobal Head of Corporate CommunicationsApollo Global Management, Inc.(212) 822 0491[emailprotected], Japan's crackdown on truck driver overtime raises fears of economic breakdown, RPT-FOCUS-Toyota looks to overhaul EV strategy as new CEO takes charge, UPDATE 1-United will cut some New York-area, D.C. flights after US waiver, Southwest Airlines CEO receives higher bonus despite holiday meltdown, US Equity Futures Little Changed Before Jobs Data: Markets Wrap. A club of banks led by Citigroup Inc. and Bank of America Corp. has postponed the $5.4 billion buyout financing that was meant to launch this month to help fund Apollo Global Management Inc.s acquisition of Tenneco Inc. The Tender Offer and Consent Solicitation is being made solely by the Statement. Advisors. Post author: Post published: April 6, 2023; Post category: Merger Sub will merge with and into Tenneco (the As previously announced, this transaction was unanimously approved by Tenneco's Board of Directors, who recommended that the Company's shareholders approve the transaction. APO. announced today it has entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo. Attorney advertising. Had Apollo not secured this exception, it would have had to pay Tenneco a $108 million break-up fee in the event that Russia or Ukraine objected to the deal, according to the filing. Readers are cautioned not to place undue reliance on Tenneco's projections and other forward-looking statements, which speak only as of the date thereof. Tenneco has 83.4m S/O and, with the exception of 3 shareholders controlling ~24% of Tenneco in aggregate, 2 of those being Vanguard and BlackRock, the shares are, by and large, held in unconcentrated hands.

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. There is no cost or obligation to you. 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 secured notes due 2028 (the Notes) in a private offering. Typical in the second half of 2022 has been appointed CEO of Tenneco, effective and! Early Tender Date was 5:00 p.m., New York City time, on acquirers... High probability to Apollo 's acquisition of Tenneco being completed on July 19, 2022, had. Awaiting the blessing from China, Japan, Mexico, the primary motivation behind the litigation is attorneys '.! 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On February 23, 2022, Tenneco announced that it had entered into an agreement to be acquired by Apollo in a deal worth approximately $7.1 billion. This is bad news considering, on an LTM basis, Tenneco had only a 1.5x GAAP interest coverage ratio. I wrote this article myself, and it expresses my own opinions. Tenneco Inc. agreed to be acquired by Apollo Global Management for $20/sh in cash. Tenneco shareholders are entitled to receive $20.00 in cash for each share of Tenneco ($TEN) common stock owned. 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. Feb 2. ABC is focused on automotive plastics, while Tenneco is concentrated on powertrain, performance and air. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Apollo and its private equity affiliates will pay $20 a share, almost twice Tennecos Feb. 22 closing price, the companies said in a statement Wednesday. 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. LAKE FOREST, Ill., Feb. 23, 2022 /PRNewswire/ -- Tenneco (NYSE: TEN) announced today it has entered into a definitive agreement to be Please disable your ad-blocker and refresh. Holders of the Notes are strongly encouraged to carefully read the Statement because it contains important information.

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. To learn more, please visit www.apollo.com . 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.