Apollo Global Management, Inc. 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 previously announced acquisition of Tenneco, a leading designer, manufacturer and marketer of automotive products for OEM and aftermarket customers. .jpg)
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. 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. Distributed by Public, unedited and unaltered, on 28 October 2022 13:19:07 UTC. 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. Check the appropriate box below if the Form 8-Kfiling is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425), Soliciting material pursuant to Rule 14a-12under the Exchange Act (17 CFR 240.14a-12), Pre-commencementcommunications pursuant to Rule 14d-2(b)under the Exchange Act (17 CFR 240.14d-2(b)), Pre-commencementcommunications pursuant to Rule 13e-4(c)under the Exchange Act (17 CFR 240.13e-4(c)). Most recently, Voss was the president and CEO of Vectra, a technology-based industrial growth company. Monroe Launches New OESpectrum Shock and Mount Assembly for Popular Vehicle Applications. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. kevin mccarthy staff directory 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. 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. 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. While the ballooning spread between Tenneco's buyout and market price indicates this deal is in trouble, a review of the transaction suggests otherwise. 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. 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. from 8 AM - 9 PM ET. 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. I look forward to leading the talented team at Tenneco and serving our customers and partners around the world.. As of September 30, 2022, Apollo had approximately $523 billion of assets under management.
Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Apollo agreed to pay only ~5.6x 2021 EBITDA (=$7.150b/$1.273b) for Tenneco. Currently, there is a 25% arb to be made if the deal is completed on original terms. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Advisors. LAKE FOREST, Ill., Feb. 23, 2022 - 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 Tenneco Inc. published this content on 28 October 2022 and is solely responsible for the information contained therein. With that said, it does not appear that Apollo overpaid for Tenneco. As of June 30, 2022, Apollo had approximately $515 billion of assets under management. Tenneco Inc. agreed to be acquired by Apollo Global Management for $20/sh in cash.
is a nationally recognized law firm with offices in New York, California, and South Carolina. 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. 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. Feb 1. In light of the pending transaction with Apollo Funds, Tenneco will not conduct a conference call or give forward-looking guidance. It is anticipated that all of these lawsuits will be settled out of court and that the concession derived from settlement negotiations will not derail this merger's completion. If you have an ad-blocker enabled you may be blocked from proceeding. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. This Current Report on Form 8-Kcontains "forward-looking statements," within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. In this case, Tenneco Inc, parent of the numerous operating subsidiaries at work in Spain and Australia, is already considered a foreign actor. Holders are not entitled to withdraw previously tendered Notes or revoke Consents delivered pursuant to the Consent Solicitation, unless otherwise required by law. The transaction is expected to close in the second half of 2022, subject to customary closing conditions and receipt of regulatory approvals. announced today it has entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo. 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 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. 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. 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. Webangus council phone number montrose. As previously announced, on February 22, 2022, Tenneco Inc., a Delaware corporation ("Tenneco" or the "Company"), entered into an Agreement and Plan of Merger (the "Merger Agreement"), by and among Tenneco, Pegasus Holdings III, LLC, a Delaware limited liability company ("Parent"), and Pegasus Merger Co., a Delaware corporation and wholly owned subsidiary of Parent ("Merger Sub"), pursuant to which among other things, and subject to the terms and conditions set forth therein, Merger Sub will be merged with and into Tenneco, with Tenneco surviving as a wholly owned subsidiary of Parent (the "Merger").
These types of securities law complaints are typical in the M&A industry. 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. I look forward to leading the talented team at Tenneco and serving our customers and partners around the world.. 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. Another risk is from recession. To learn more, please visit www.apollo.com. 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 articles a month for anyone to read, even non-subscribers! The outcome could lead to less choice for consumers, stifle innovation, and cause higher prices. 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. 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. 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. 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. Holders have until the Expiration Date, unless extended or earlier terminated, to tender their Notes pursuant to the Tender Offer. Apollo Contacts For 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. , subject to customary closing conditions and receipt of regulatory approvals customers and partners around the world a..., Tenneco will not conduct a conference call or give forward-looking guidance president CEO! 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