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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. As of June 30, 2022, Apollo had approximately $515 billion of assets under management. 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.

This transaction looks on track to close in H2'2022 and on its original terms. 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 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 Tenneco to pay a termination fee; (3) the risk that the Merger disrupts Tenneco'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 Tenneco 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 Tenneco's operating results and business generally; (6) the amount of costs, fees and expenses related to the Merger; (7) the risk that Tenneco'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 Tenneco and others; (9) other factors that could affect Tenneco's business such as, without limitation, cyclical and seasonal nature of the industries that Tenneco 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 Tenneco's research and development, new product introductions and growth investments; acquisitions and divestitures of assets and gains and losses from dispositions; developments affecting Tenneco's outstanding liquidity and indebtedness, including debt covenants and interest rate exposure; developments affecting Tenneco'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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. See here for a complete list of exchanges and delays. These and other factors are identified and described in more detail in the Company's Annual Report on Form 10-Kfor the year ended December 31, 2021 as well as the. Monroe Launches New OESpectrum Shock and Mount Assembly for Popular Vehicle Applications.

February 23, 2022 - 7:00 am. Apollo is a global, high-growth alternative asset manager. paul ellis/Agence France-Presse/Getty Images. No offer, solicitation or purchase will be made in any jurisdiction in which such an offer, solicitation or purchase would be unlawful. While the relief sought in the complaints is more disclosure, the primary motivation behind the litigation is attorneys' fees. Signs of industry consolidation could be motive for regulators to take a harder look at the potential deal's impact. Holders of the Notes are strongly encouraged to carefully read the Statement because it contains important information. 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 Such statements generally include the words "believes," "plans," "intends," "targets," "will," "expects," "estimates," "suggests," "anticipates," "outlook," "continues," or similar expressions. Merger Sub will merge with and into Tenneco (the 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. Bragar Eagel & Squire Bloomberg Best features the best stories of the day from Bloomberg Radio, Bloomberg Television, and 120 countries around the world. Most recently, Voss was the president and CEO of Vectra, a technology-based industrial growth company.

Tennecos deal to go private marks the end of a long public run for the auto parts supplier that climaxed with the $5.4 billion acquisition of Southfield-based Federal-Mogul and hit a low point shortly after when board and investor divisions doomed a plan to split the company in two. Distributed by Public, unedited and unaltered, on 28 October 2022 13:19:07 UTC.

One risk to the deal is rising interest rates. None of these regulatory hurdles are expected to derail this merger. Therefore, the impact on the competitive environment will be negligible. Tenneco Inc. published this content on 28 October 2022 and is solely responsible for the information contained therein. 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. Bragar Eagel & Squire. 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 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. Apollo is a global, high-growth alternative asset manager. Announces Extension of Tender Offers. In this case, Tenneco Inc, parent of the numerous operating subsidiaries at work in Spain and Australia, is already considered a foreign actor. 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)). 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. My articles primarily focus on value, event-driven, and high yield debt investing. The Tender Offer and Consent Solicitation is being made solely by the Statement. 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. At the date of this publication, there have been no public challenges put forth from shareholders related to the acquisition (aside from several run-of-the-mill corporate shakedown lawsuits brought by unrelated minority shareholders), suggesting shareholders are in favor of the deal. is a nationally recognized law firm with offices in New York, California, and South Carolina.

The Early Tender Date was 5:00 p.m., New York City time, on July 19, 2022. Secure and increase the performance of your investments with our team of experts at your side. In light of the announced transaction with Apollo, Tenneco has cancelled the earnings conference call previously scheduled for February 24. I wrote this article myself, and it expresses my own opinions. For instance, in 2021 Apollo purchased majority control of ABC Technologies, a manufacturer and supplier of automotive plastics. Therefore, this arb is a compelling opportunity for those willing to assume the risks. 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. 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. The full details of the Tender Offer and Consent Solicitation, including complete instructions on how to tender the Notes, are included in the Statement. 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). 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. Copyright 2023 Surperformance. Tenneco Inc. agreed to be acquired by Apollo Global Management for $20/sh in cash. Prior results do not guarantee similar outcomes. Home > Uncategorized > tenneco apollo merger. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. While the ballooning spread between Tenneco's buyout and market price As a result of the transaction completion, Tennecos common stock no longer trades on the New York Stock Exchange. LAKE FOREST, Ill., Feb. 23, 2022 /PRNewswire/ -- Tenneco (NYSE: TEN) announced today it has entered into a definitive agreement to be 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. To learn more, please visit www.apollo.com. Most are antitrust-related but two focus on foreign investment. 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. Facebook Twitter Instagram Pinterest. Investors are ascribing a high probability to Apollo's acquisition of Tenneco being completed. In light of the announced transaction with Apollo, Tenneco has cancelled the earnings conference call previously scheduled for February 24. To learn more, please visit www.apollo.com. Pursuant to the terms of the transaction, an affiliate of the Apollo Funds acquired all of the outstanding shares of Tenneco stock. SKOKIE, Ill., June 7, 2022 /PRNewswire/ -- Tenneco Inc. (NYSE: TEN) today announced that its shareholders voted to approve Tenneco's pending acquisition by

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This transaction was made based on a financial, not strategic, decision by Apollo. 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. 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. Persons under Regulation S under the Securities Act.

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.

At this point, the interest rate Apollo will obtain to refinance the debt remains uncertain; and it could end up outside the rate Apollo modeled for when deciding to enter the transaction. As of September 30, 2022, Apollo had approximately $523 billion of assets under management. 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.

Most recently, Voss was the president and CEO of Vectra, a technology-based industrial growth company. Another risk is from recession. Delayed Nyse The Chainsmokers Are Dancing Through the Silicon Valley Downturn, Biden Wants to Prevent Total Bans on Transgender Student Athletes, Startup Pushing Equity in Banking Accused of Discrimination, Biden Is Set to Propose Toughest-Ever Rules on Car Pollution to Spur EVs, Palm Oil Cultivation Is Destroying Forests. To learn more, please visit www.apollo.com . 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. When typing in this field, a list of search results will appear and be automatically updated as you type. tenneco apollo merger. otherwise and whether or not the Merger is consummated. 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 system manufacturer up sharply. Sound Familiar? An antitrust issue arises when a transaction has anticompetitive effects. 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. Reelection of Directors, Ratification of Auditors also Approved at 2022 Annual Shareholder Meeting. In all, regulatory approvals are not expected to cause a delay to this transaction. 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 am not receiving compensation for it (other than from Seeking Alpha). The Company reserves the right to further amend the terms of the Tender Offer and Consent Solicitation, to further extend the Expiration Date for the Tender Offer and Consent Solicitation or to waive any and all conditions to the Tender Offer and Consent Solicitation, in its sole discretion, at any time. Analyst recommendations: Nike, Albermarle, Diageo, Reckitt Benck.. Deutsche Bank Adjusts Tenneco's Price Target to $20 From $18, Maintains Hold Rating, Chief Information Officer & Senior Vice President. 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; (2) the risk that the Merger disrupts the Company's current plans and operations or diverts management's attention from its ongoing business; (3) the effect of the announcement of the Merger on the ability of the Company to retain and hire key personnel and maintain relationships with its customers, suppliers and others with whom it does business; (4) the effect of the announcement of the Merger on the Company's operating results and business generally; (5) the amount of costs, fees and expenses related to the Merger; (6) the risk that the Company's stock price may decline significantly if the Merger is not consummated; (7) the nature, cost and outcome of any litigation and other legal proceedings, including any such proceedings related to the Merger and instituted against the Company and others; and (8) other risks to consummation of the proposed Merger. Tenneco shares hovered around $19.23 on Monday, very close to the $20 per share deal price. 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. Holders have until the Expiration Date, unless extended or earlier terminated, to tender their Notes pursuant to the Tender Offer. The outcome could lead to less choice for consumers, stifle innovation, and cause higher prices.

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

tenneco apollo merger. Apollo agreed to pay only ~5.6x 2021 EBITDA (=$7.150b/$1.273b) for Tenneco. LAKE FOREST, Ill., Feb. 23, 2022 /PRNewswire/ -- Tenneco (NYSE: TEN) announced today it has entered into a definitive agreement to be acquired by funds In other words, an FDI review seeks to prevent hostile foreign actors from investing in critical infrastructure, technology, supply chains, data, etc. With that said, a deal break has substantial downside for investors. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. 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.

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. If you have an ad-blocker enabled you may be blocked from proceeding. The transaction is expected to close in the second half of 2022, subject to customary closing conditions and receipt of regulatory approvals. Shareholders also voted to reelect all director nominees and approved the appointment of PricewaterhouseCoopers LLP as the Company's independent auditor for 2022 and, in an advisory vote, the Company's executive compensation. 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"). 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. The deal is scheduled to close in the second half of 2022.