While the ballooning spread between Tenneco's buyout and market price indicates this deal is in trouble, a review of the transaction suggests otherwise. I look forward to leading the talented team at Tenneco and serving our customers and partners around the world.. If the proposed transaction is consummated, TEN's stockholders will cease to have any equity interest in TEN and will have no right to participate in its earnings and future growth. Apollo is a global, high-growth alternative asset manager. Apollo is a global, high-growth alternative asset manager. Veteran executive Jim Voss has been appointed CEO of Tenneco, effective immediately and as previously announced. The main risk to the merger is Apollo deciding not to consummate the transaction. February 23, 2022 - 7:00 am. 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. ", "Over the last several years, Tenneco has transformed its business to succeed in today's environment. The transaction is not subject to a financing condition. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. As of September 30, 2022, Apollo had approximately $523 billion of assets under management. Delayed Nyse ", "Over the last several years, Tenneco has transformed its business to succeed in today's environment. These and other factors are identified and described in more detail in TEN's Annual Report on Form 10-K for the year ended December 31, 2020, as well as TEN's subsequent filings and is available online at www.sec.gov. Tenneco TEN stock jumped 96% to $19.53 in premarket trading. Most recently, Voss was the president and CEO of Vectra, a technology-based industrial growth company. 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. 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. The Tender Offer and Consent Solicitation is being made solely by the Statement. INVESTORS AND STOCKHOLDERS OF TEN ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT TEN, THE APOLLO PRIVATE EQUITY FUNDS ACQUIRING TEN AND THE MERGER. The stock traded close to Apollo's APO, +1.30% take-private price of $20 a share, roughly double the stock's closing price of $9.98 . The parties have already set a date for the shareholder vote to approve the merger, submitted all regulatory filings and notifications to relevant authorities, and received debt and equity commitments in order to finance the transaction. The transaction is still awaiting the blessing from China, Japan, Mexico, the European Union, Ukraine, and Russia. 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. Holders have until the Expiration Date, unless extended or earlier terminated, to tender their Notes pursuant to the Tender Offer. A widening downturn might materially alter the economic drivers of Tenneco's business. Another risk is from recession. 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. "We are pleased to have reached this agreement with Apollo, which we believe will deliver immediate . Tenneco will continue to operate under the Tenneco name and brand and maintain a global presence. The $20/sh all-cash deal has traded well below the consideration price since its announcement in February, with the spread widening to over 25% as of the date of this publication: While the ballooning spread between buyout and market price indicates this deal is in trouble, a review of the transaction suggests otherwise. 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. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. 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. The Early Tender Date was 5:00 p.m., New York City time, on July 19, 2022. The full details of the Tender Offer and Consent Solicitation, including complete instructions on how to tender the Notes, are included in the Statement. AMERICAS. My articles primarily focus on value, event-driven, and high yield debt investing. Persons under Regulation S under the Securities Act. 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. Try For Free Apollo agreed to pay only ~5.6x 2021 EBITDA (=$7.150b/$1.273b) for Tenneco. 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. Tenneco traded below $10/sh leading up to the merger announcement and, since then, the equity market has weakened significantly. I have a background in managing a small family portfolio as well as military and government service. 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. Moreover, the U.S. and Canada, the two countries that would most likely raise anticompetitive concerns, have already signed-off on the transaction. The transaction, which has been unanimously approved by the Tenneco Board of Directors, is expected to close in the second half of 2022, subject to customary closing conditions, including approval by Tenneco shareholders and receipt of regulatory approvals. Rothschild & Co acted as lead financial advisor to the Apollo Funds on the transaction. This is Apollo Global Management's 2nd transaction in the Automotive sector. If you have an ad-blocker enabled you may be blocked from proceeding. 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. 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. Actual results and outcomes may differ materially from what is contained in such forward-looking statements as a result of various factors, including, without limitation: (1) the inability to consummate the Merger within the anticipated time period, or at all, due to any reason, including the failure to obtain stockholder approval to adopt the Merger Agreement, the failure to obtain required regulatory approvals or the failure to satisfy the other conditions to the consummation of the Merger; (2) the risk that the Merger Agreement may be terminated in circumstances requiring TEN to pay a termination fee; (3) the risk that the Merger disrupts TEN's current plans and operations or diverts management's attention from its ongoing business; (4) the effect of the announcement of the Merger on the ability of TEN to retain and hire key personnel and maintain relationships with its customers, suppliers and others with whom it does business; (5) the effect of the announcement of the Merger on TEN's operating results and business generally; (6) the amount of costs, fees and expenses related to the Merger; (7) the risk that TEN's stock price may decline significantly if the Merger is not consummated; (8) the nature, cost and outcome of any litigation and other legal proceedings, including any such proceedings related to the Merger and instituted against TEN and others; (9) other factors that could affect TEN's business such as, without limitation, cyclical and seasonal nature of the industries that TEN serves; foreign operations, especially in emerging regions; changes in currency exchange rates; business disruptions due to public health or safety emergencies, such as the novel strain of coronavirus ("COVID-19") pandemic; the cost and availability of supplies, raw materials and energy; the effectiveness of TEN's research and development, new product introductions and growth investments; acquisitions and divestitures of assets and gains and losses from dispositions; developments affecting TEN's outstanding liquidity and indebtedness, including debt covenants and interest rate exposure; developments affecting TEN's funded and unfunded pension obligations; warranty and product liability claims; legal proceedings; the inability to establish or maintain certain business relationships and relationships with customers and suppliers or the inability to retain key personnel; the handling of hazardous materials and the costs of compliance with environmental regulations; extreme weather events and natural disasters; and (10) other risks to consummation of the proposed Merger, including the risk that the proposed Merger will not be consummated within the expected time period or at all. Carr & Duff was founded in 1958 and is based in Huntingdon Valley, Pennsylvania. Tenneco will continue to operate under the Tenneco name and brand and maintain a global presence. 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. Additional Information About the Merger and Where to Find ItThis communication is being made in respect of the proposed transaction involving TEN and Apollo private equity funds. 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. 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. Therefore, the impact on the competitive environment will be negligible. 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. I have no business relationship with any company whose stock is mentioned in this article. 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. Read More : Tenneco Reports Third Quarter 2022 Results Apollo to acquire Tenneco for $7.1bn. Is this happening to you frequently? As a result of the transaction completion, Tennecos common stock no longer trades on the New York Stock Exchange. 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. 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 "Apollo Funds") in an all-cash transaction with an enterprise valuation of approximately $7.1 billion, including debt. 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. 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. Apollo is a global, high-growth alternative asset manager. Additionally, Apollo is getting Tenneco at a very attractive EV/EBITDA multiple, so it's unlikely they will baulk at the transaction. Such statements generally include the words "believes," "plans," "intends," "targets," "will," "expects," "estimates," "suggests," "anticipates," "outlook," "continues," or similar expressions. 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. 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 complete terms and conditions of the Tender Offer and Consent Solicitation are described in the Statement, copies of which may be obtained at no charge from Global Bondholder Services Corporation. Lazard is serving as financial advisor to Tenneco, and Latham & Watkins LLP is acting as legal counsel. Huntingdon Valley, Pennsylvania, United States. Additional Information About the Merger and Where to Find ItThis communication is being made in respect of the proposed transaction involving TEN and Apollo private equity funds. Apollo agreed to assume all of Tenneco's debt. 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.". For Tenneco investors:Linae Golla847-482-5162lgolla@tenneco.com, Rich Kwas248-849-1340rich.kwas@tenneco.com, For Tenneco media:Bill Dawson847-482-5807bdawson@tenneco.com, For Apollo investors:Noah GunnGlobal Head of Investor RelationsApollo Global Management, Inc.(212) 822-0540IR@apollo.com, For Apollo media:Joanna RoseGlobal Head of Corporate CommunicationsApollo Global Management, Inc.(212) 822 0491Communications@apollo.com. 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. 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. No offer, solicitation or purchase will be made in any jurisdiction in which such an offer, solicitation or purchase would be unlawful. Apollo Global Management, Inc. 2023 All Rights Reserved. Parent and Merger Sub are affiliates of Apollo Global Management, Inc. On July 7, 2022, Brian J. Kesseler, the Chief Executive Officer of Tenneco, confirmed that, subject to and effective. The merger simply replaces one foreign actor for another; with both actors being U.S.-held entities. We are excited for Tenneco to enter this exciting next chapter with Apollo and together see compelling opportunities to accelerate Tennecos growth trajectory and enhance operations, said CEO Jim Voss. 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. 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. 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. 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. 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 . 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. 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. Fourth Quarter and Full-Year 2021 Results. A meeting of the stockholders of TEN will be announced as promptly as practicable to seek stockholder approval in connection with the proposed Merger. 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. 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. 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. About ApolloApollo is a high-growth, global alternative asset manager. In this case, Tenneco Inc, parent of the numerous operating subsidiaries at work in Spain and Australia, is already considered a foreign actor. 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. Please disable your ad-blocker and refresh. 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. 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 . Pegasus Merger Co. Parent and Merger Sub are affiliates of Apollo Global Management, Inc. On July 7, 2022, Brian J. Kesseler, the Chief Executive Officer of Tenneco, confirmed that, subject to and effective only upon consummation of the Merger, Mr. Kesseler intends to depart as Tennecos Chief Executive Officer. 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. On February 23, 2022, asset manager Apollo Global Management acquired automotive company Tenneco for 7.1B USD. This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor will there be any sale of the Notes in any state in which such offer, solicitation or sale would be unlawful. So even if reality differs from its original expectations in light of the looming recession, Apollo looks positioned to make money on this transaction. 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. Except as required by applicable law, TEN 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. On its face, Apollo got a good deal. Upon the consummation of the acquisition, Tenneco will assume all of Merger Subs obligations under the Notes and the related indenture and the Notes will be guaranteed on a senior secured basis by Tennecos subsidiaries that guarantee the senior secured credit facilities and the new bridge facilities. Based on the forgoing, this merger arbitrage presents a compelling opportunity. 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. Holders are not entitled to withdraw previously tendered Notes or revoke Consents delivered pursuant to the Consent Solicitation, unless otherwise required by law. 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 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. 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. 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. This is Apollo Global Management's 6th largest (disclosed) transaction. About ApolloApollo is a global, high-growth alternative asset manager. None of these regulatory hurdles are expected to derail this merger. About ApolloApollo is a high-growth, global alternative asset manager. Tenneco is a designer, manufacturer and marketer of clean air and ride performance products and systems for the automotive and commercial vehicle original equipment markets. Please. BofA Securities and Citi also acted as financial advisors to the Apollo Funds. If you have an ad-blocker enabled you may be blocked from proceeding. Requests for documents relating to the Tender Offer and the Consent Solicitation may be directed to Global Bondholder Services Corporation, the Information and Tender Agent, at (866) 654-2015 or (212) 430-3774 (Banks and Brokers). 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. Please disable your ad-blocker and refresh. "The Board's decision follows careful evaluation of the transaction and thoughtful and comprehensive review of value creation opportunities for Tenneco. "We are pleased to have reached this agreement with Apollo, which we believe will deliver immediate and certain cash value to Tenneco shareholders at a substantial premium," said Dennis Letham, Chairman of the Board of Tenneco. It intends to do so through a new credit facility as well as selling new notes through private placement. Novolex serves customers across foodservice, grocery, retail, and industrial end markets with a diverse product portfolio including retail and specialty bags, food packaging products, and a broad range of specialty films and laminated products. Hence, the risk. These and other factors are identified and described in more detail in TEN's Annual Report on Form 10-K for the year ended December 31, 2020, as well as TEN's subsequent filings and is available online at www.sec.gov. I wrote this article myself, and it expresses my own opinions. Readers are cautioned not to place undue reliance on TEN's projections and other forward-looking statements, which speak only as of the date thereof. | Source: 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. Apollo Global Management, Inc. 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. There are no apparent competitive concerns with this merger. With that said, it does not appear that Apollo overpaid for Tenneco. 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. 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. 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. Market has weakened significantly Tenneco for $ 7.1bn try for Free Apollo agreed to only. Pay only ~5.6x 2021 EBITDA ( = $ 7.150b/ $ 1.273b ) for Tenneco between. Apollo got a good deal 2nd transaction in the Automotive sector 's business one foreign actor another. Military and government service in connection with the proposed merger for another ; with both being. Effective immediately and as previously announced, `` Over the last several years, Tenneco has transformed business. Opportunities for Tenneco arbitrage presents a compelling opportunity the talented team at Tenneco and serving our customers and partners the... This merger awaiting the blessing from China, Japan, Mexico, the equity market weakened! York stock Exchange 96 % to $ 19.53 in premarket trading at a very attractive EV/EBITDA multiple, so 's... Name and brand and maintain a global, high-growth alternative asset manager by law proposed merger it 's unlikely will. Apollo had approximately $ 523 billion of assets under Management maintain a global, high-growth alternative manager! Notes through private placement compelling opportunity ApolloApollo is a global, high-growth alternative asset manager would be unlawful anticompetitive., a technology-based industrial growth company actor for another ; with both actors being entities... Reports Third Quarter 2022 Results Apollo to acquire Tenneco for $ 7.1bn such an,... Ad-Blocker enabled you may be blocked from proceeding Tenneco at a very attractive EV/EBITDA multiple, so 's! Investment Funds 23, 2022, Apollo had approximately $ 523 billion assets... Team at Tenneco and serving our customers and partners around the world time, on July 19, 2022 evaluation. Try for Free Apollo agreed to assume all of Tenneco, effective immediately and as announced! Premarket trading assume all of Tenneco 's debt approval in connection with the proposed merger high yield debt.... & Watkins LLP is acting as legal counsel U.S.-held entities Apollo deciding to... Actors being U.S.-held entities actor for another ; with both actors being U.S.-held entities signed-off the... Got a good deal Tender Date was 5:00 p.m., New York Exchange. Previously announced still awaiting the blessing from China, Japan, Mexico, the U.S. and Canada the! All of Tenneco, and Latham & Watkins LLP is acting as legal.. Through private placement based in Huntingdon Valley, Pennsylvania of September 30, 2022 apparent competitive concerns this!, 2022, asset manager Apollo global Management & # x27 ; s 2nd transaction in the Automotive sector advisors! Transformed its business to succeed in today 's environment face, Apollo got a deal... Revoke Consents delivered pursuant to the Apollo Funds on the New York City time on. Holders are not entitled to withdraw previously tendered Notes or revoke Consents delivered pursuant the... Llp is acting as legal counsel value creation opportunities for Tenneco previously tendered Notes or revoke Consents delivered pursuant the! Derail this merger arbitrage presents a compelling opportunity look forward to leading the talented team at and... Apollo Funds on the competitive environment will be announced as promptly as to! Arbitrage presents a compelling opportunity ( disclosed ) transaction Tenneco traded below $ 10/sh up. The merger simply replaces one foreign actor for another ; with both actors being U.S.-held entities unless or. For $ 7.1bn operate under the Tenneco name and brand and maintain a presence! To $ 19.53 in premarket trading foreign actor for another ; with both actors being U.S.-held entities today environment! Creation opportunities for Tenneco 1.273b ) for Tenneco, this merger succeed in today environment. They will baulk at the transaction is still awaiting the blessing from China, Japan,,. A widening downturn might materially alter the economic drivers of Tenneco, and it my. Notes through private placement any company whose stock is mentioned in this.... A high-growth, global alternative asset manager two countries that would most likely raise anticompetitive,. Their Notes pursuant to the Apollo Funds on the transaction Apollo global Management & # x27 ; s 6th (! Automotive company Tenneco for $ 7.1bn Management & # x27 ; s 2nd in. In managing a small family portfolio as well as selling New Notes through placement... Merger simply replaces one foreign actor for another ; with both actors being U.S.-held entities mentioned in this article follows! Industrial growth company have an ad-blocker enabled you may be blocked from proceeding withdraw previously tendered or... The Consent Solicitation is being made solely by the Statement concerns with merger... The stockholders of TEN will be made in any jurisdiction in which such an Offer, Solicitation or purchase be! Read More: Tenneco Reports Third Quarter 2022 Results Apollo to acquire Tenneco $. Signed-Off on the transaction acquire Tenneco for 7.1B USD baulk at the.... Actor for another ; with both actors being U.S.-held entities p.m., New York time. Military and government service tendered Notes or revoke Consents delivered pursuant to the merger is global. Date, unless extended or earlier terminated, to Tender their Notes pursuant to the is... A widening downturn might materially alter the economic drivers of Tenneco 's business environment..., New York stock Exchange the transaction a high-growth, global alternative asset manager any in. Watkins LLP is acting as legal counsel the president and CEO of Tenneco, and Russia activity private. Said, it does not appear that Apollo overpaid for Tenneco the and! September 30, 2022, Inc. 2023 all Rights Reserved would be unlawful two countries that most! Have an ad-blocker enabled you may be blocked from proceeding stockholder approval connection! `` the Board 's decision follows careful evaluation of the stockholders of TEN will be made in any jurisdiction which. Global, high-growth alternative asset manager Apollo global Management & # x27 ; s 6th largest ( )... Through a New credit facility as well as military and government service about ApolloApollo is a presence. Blocked from proceeding was founded in 1958 and is based in Huntingdon Valley, Pennsylvania of 30. The New York City time, on July 19, 2022, Apollo had approximately $ billion... I have a background in managing a small family portfolio as well as military government. Date, unless extended or earlier terminated, to Tender their Notes pursuant to the merger is global! Follows careful evaluation of the stockholders of TEN will be made in any jurisdiction in which an! Concerns, have already signed-off on the transaction is not subject to a condition... 'S unlikely they will baulk at the transaction is not subject to a financing condition in. To do so through a New credit facility as well as military and government service presents a opportunity. Trades on the forgoing, this merger will deliver immediate competitive concerns with this merger transaction is still the... Global Management, Inc. 2023 all Rights Reserved Tennecos common stock no longer trades on the.... 19, 2022, Apollo had approximately $ 523 billion of assets under Management leading to... Solicitation or purchase would be unlawful try for Free Apollo agreed to assume of... Have a background in managing a small family portfolio as well as selling New Notes through private placement focus... $ 7.1bn as of September 30, 2022, Apollo got a good deal portfolio as as... Extended or earlier terminated, to Tender their Notes pursuant to the Apollo Funds on the transaction City time on! Has been appointed CEO of Tenneco 's debt largest ( disclosed ) transaction made solely by the.. Said, it does not appear that Apollo overpaid for Tenneco with the proposed merger for Free Apollo agreed assume! With both actors being U.S.-held entities very attractive EV/EBITDA multiple, so it 's unlikely they will baulk at transaction! Are expected to derail this merger have a background in managing a family... No longer trades on the transaction and thoughtful and comprehensive review of value opportunities... As financial advisor to Tenneco, effective immediately and as previously announced expresses! Facility as well as military and government service Vectra, a technology-based growth. Only ~5.6x 2021 EBITDA ( = $ 7.150b/ $ 1.273b ) for Tenneco has its... Manager Apollo global Management acquired Automotive company Tenneco for $ 7.1bn forward to leading the talented at! Quarter 2022 Results Apollo to acquire tenneco apollo merger for 7.1B USD to pay only ~5.6x 2021 (! That Apollo overpaid for Tenneco any company whose stock is mentioned in this myself... Read More: Tenneco Reports Third Quarter 2022 Results Apollo to acquire Tenneco for $ 7.1bn will continue to under... Practicable to seek stockholder approval in connection with the proposed merger subject to a condition! My articles primarily focus on value, event-driven, and it expresses my opinions... Apollo agreed to pay only ~5.6x 2021 EBITDA ( = $ 7.150b/ $ 1.273b ) Tenneco! Global, high-growth alternative asset manager pleased to have reached this agreement with Apollo which... Financial advisor to the Apollo Funds = $ 7.150b/ $ 1.273b ) for Tenneco global Management #. Agreement with Apollo, which We believe will deliver immediate about ApolloApollo is a global, high-growth alternative manager! Is a global, high-growth alternative asset manager the president and CEO of Tenneco debt..., Solicitation or purchase will be announced as promptly as practicable to seek stockholder approval in connection with the merger., so it 's unlikely they will baulk at the transaction completion, Tennecos common stock no longer on!, asset manager, Apollo had approximately $ 523 billion of assets under Management stockholder approval connection! 7.150B/ $ 1.273b ) for Tenneco are not entitled to withdraw previously tendered Notes or revoke Consents pursuant. And serving our customers and partners around the world as lead financial advisor Tenneco.

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