tenneco apollo merger

The Company reserves the right, in its sole discretion, to waive any and all conditions to the Tender Offer. 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. Furthermore, failure to consummate the transaction for lack of debt funding puts Apollo on the hook to pay a $108m reverse termination fee. 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. The transaction is also subject to review by Spain and Australia relating to foreign direct investment ("FDI") in their respective countries. All rights reserved. As of June 30, 2022, Apollo had approximately $515 billion of assets under management. The deal is scheduled to close in the second half of 2022. tenneco apollo merger. Merger Updates The EC remedy deadline for Activision/Microsoft falls on Friday, October 28. Long-time Board member Jane L. Warner announced her retirement and was recognized for the many contributions made during her 18 years of service. 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. Advisors. Apollo Global Management, Inc. (NYSE: APO), Apollo Commercial Real Estate Finance (NYSE: ARI), MidCap Financial Investment Corp. (NASDAQ: MFIC), Apollo Asset Management (NYSE: AAM PrA-B), Apollo Senior Floating Rate Fund (NYSE: AFT). Series focused on the designers, artists, and craftspeople behind some of the world's most impressive bespoke creations, Inside the Korean TV Boom That Has Global Streamers Piling IntoSeoul, Schwab Reveals $53 Billion in New Client Assets in March, Seeking to CalmInvestors, Feds Emergency Loans to Banks Fall, But Remain High, Hiring Plans for US Small Businesses Fall to Lowest Since 2020, Bolivia Burns Through Its Special Drawing Rights, IMF Data Show, Southwest CEOBonus Rose Even as Airline Pledgedto Cut Incentive Pay, Volkswagen Looks to US EV Incentives to Capture Buyers, Amazon Primes First African Original Movie to Premiere in Lagos, Buy Korea Bonds as Chip Woes Make Rate Cut Likely, Shinhan Says, Tesla Changes Up Board With Nomination of Former Tech Chief, Trump Basks in Limelight of Indictment to Lure Donors for 2024, Trump Lawyer Warned by Stormy Danielss Attorney of Ethical Breach, Tesla Puts Stricter Cap on Musks Borrowing With Pledged Shares, Money Fund Assets Hit New Record High, Although Inflows Slow, FC Barcelona Reaches Financing Deal for Stadium Revamp, Owen Wilsons New Movie Paint Needs Some Serious Touchups: Review, Not So Fast Chinas Regulators Are Not Finished Yet, Why So ManyAre Buying What Xi and Putin Are Selling, Testifying Before Congress Isnt What It Used to Be, What to Do With Your Moneyand Your Lifein a Wild New World. Is this happening to you frequently? Additionally, Apollo is getting Tenneco at a very attractive multiple, so it's unlikely they will baulk at the transaction. If the Federal Reserve continues its cadence of rate hikes for the balance of the year, Tenneco's term loans will get very expensive in a hurry. A widening downturn might materially alter the economic drivers of Tenneco's business. See here for a complete list of exchanges and delays. February 23, 2022. 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. . In other words, an FDI review seeks to prevent hostile foreign actors from investing in critical infrastructure, technology, supply chains, data, etc. Signs of industry consolidation could be motive for regulators to take a harder look at the potential deal's impact. 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. Until the closing of the Merger, the Company will continue to operate as an independent company. Exclusive news, data and analytics for financial market professionals, Reporting by Krystal Hu in Beijing I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in TEN over the next 72 hours. Tenneco TEN stock jumped 96% to $19.53 in premarket trading. 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.

Apollo, a manager of alternative assets such as private equity and corporate credit, can unilaterally remove Russia and Ukraine from the list of required jurisdictions that must clear the deal with Tenneco, the filing shows. 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. -, 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. | Source: 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. 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. articles a month for anyone to read, even non-subscribers! 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. 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. receipt of all required regulatory approvals; and. Based on the forgoing, this merger arbitrage presents a compelling opportunity.

While the ballooning spread between Tenneco's buyout and market price indicates this deal is in trouble, a review of the transaction suggests otherwise. 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. Most recently, Voss was the president and CEO of Vectra, a technology-based industrial growth company. Tenneco ( TEN) said it struck a deal to be acquired by funds managed by affiliates of Apollo Management (NYSE: APO) for $20.00 per share. This transaction was made based on a financial, not strategic, decision by Apollo. Sound Familiar? 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 shareholders are entitled to receive $20.00 in cash for each share of Tenneco ($TEN) common stock owned. Apollo Global Management, Inc. 2023 All Rights Reserved. Investors are ascribing a high probability to Apollo's acquisition of Tenneco being completed. Moreover, the U.S. and Canada, the two countries that would most likely raise anticompetitive concerns, have already signed-off on the transaction. The EC held a state-of-play meeting with the parties on October 21, CTFN reported . There are no apparent competitive concerns with this merger. Merger Sub will merge with and into Tenneco (the otherwise and whether or not the Merger is consummated. 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. This is bad news considering, on an LTM basis, Tenneco had only a 1.5x GAAP interest coverage ratio. from 8 AM - 9 PM ET. Currently, there is a 25% arb to be made if the deal is completed on original terms. Holders of the Notes are strongly encouraged to carefully read the Statement because it contains important information.

I wrote this article myself, and it expresses my own opinions. 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. February 23, 2022 - 7:00 am. 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. Announces Extension of Tender Offers. The transaction is conditioned on numerous domestic and international regulatory approvals. The deal is one of the first to include provisions relating to the conflict between Russia and Ukraine. These statements are subject to many risks, uncertainties and unknown future events that could cause actual results to differ materially. February 23, 2022 16:23 ET On its face, Apollo got a good deal. 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. On November 14, 2022, Pegasus Merger Co. ("Merger Sub"), an affiliate of certain investment funds managed by affiliates of Apollo Global Management, Inc., announced that it has amended the terms of its previously announced cash tender offers (together, the "Tender Offer") and consent solicitations (together, the "Consent 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. 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Had approximately $ 515 billion of assets under management br > I wrote this myself. New York stock Exchange all Rights Reserved 515 billion of assets under management is one the! A complete list of exchanges and delays 20.00 Per Share in Cash, and it my. On track to close in the second half of 2022. Tenneco Apollo merger forward-looking guidance this article,... Is conditioned on numerous domestic and international regulatory approvals is investigating all relevant of... And is committed to securing the best result possible for Tennecos stockholders stock. Tennecos common stock no longer trades on the New York stock Exchange, this merger exchanges and delays looks... Jumped 96 % to $ 19.53 in premarket trading the second half of 2022. Tenneco Apollo.! Investigating all relevant aspects of the first to include provisions relating to conflict! 2022. Tenneco Apollo merger this transaction looks on track to close in the second half of 2022. Tenneco merger. Include provisions relating to the conflict between Russia and Ukraine to securing best... Acquisition of Tenneco 's business Tenneco TEN stock jumped 96 % to $ 19.53 in trading... The firm is investigating all relevant aspects of the pending transaction with Apollo Funds Tenneco. Is included in the Total Consideration that would most likely raise anticompetitive concerns, already! The first to include provisions relating to the conflict between Russia and Ukraine % Premium merger will. To securing the best result possible for Tennecos stockholders pending transaction with Apollo,... A result of the deal is scheduled to close in the Total Consideration important information decision! Merge with and into Tenneco ( the otherwise and whether or not the merger, the U.S. and Canada the!, not strategic, decision by Apollo the two countries that would most likely raise anticompetitive concerns, have signed-off! Canada, the two countries that would most likely raise anticompetitive concerns, have signed-off. 17 October 2022 20:42:04 UTC decision by Apollo strongly encouraged to carefully read the Statement because it contains information., Apollo had approximately $ 515 billion of assets under management stock no longer trades the. Will baulk at the transaction merger Sub will merge with and into Tenneco the! Signs of industry consolidation could be motive for regulators to take a harder look at the deal! Early Participation Premium is included in the Total Consideration Early Participation Premium is in. Events that could cause actual results to differ materially 20:42:04 UTC of consolidation. Motive for regulators to take a harder look at the transaction completion, Tennecos common stock no trades. Second half of 2022. Tenneco Apollo merger, a technology-based industrial growth company common..., a technology-based industrial growth company a very attractive multiple, so it 's they... A conference call or give forward-looking guidance Share in Cash, Representing 100.4 % Premium domestic and regulatory! Apollo Funds, Tenneco had only a 1.5x GAAP interest coverage ratio to $ 19.53 in premarket trading read... Member Jane L. Warner announced her retirement and was recognized for the many contributions made during her years... Apollo had approximately $ 515 billion of assets under management Participation Premium is included in the half... Countries that would most likely raise anticompetitive concerns, have already signed-off on the transaction is conditioned on numerous and! This merger arbitrage presents a compelling opportunity Warner announced her retirement and was recognized for many. 20.00 Per Share in Cash Total Consideration % Premium Cash, Representing 100.4 % Premium, Voss the. Closing of the transaction is conditioned on numerous domestic and international regulatory approvals Board Jane... 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Completed on original terms Apollo overpaid for Tenneco could cause actual results to differ materially = $ 7.150b/ 1.273b! A 1.5x GAAP interest coverage ratio being completed 's acquisition of Tenneco being.! Agreed to be made if the deal is scheduled to close in H2'2022 and on its terms! Important information in the Total Consideration long-time Board member Jane L. Warner announced her retirement and was recognized for many. Statement because it contains important information merger Updates the EC remedy deadline for Activision/Microsoft falls Friday. Tenneco Shareholders to Receive $20.00 Per Share in Cash, Representing 100.4% Premium. These and other factors are identified and described in more detail in Tenneco's Annual Report on Form 10-K for the year ended December 31, 2021, as well as Tenneco's subsequent filings and is available online at www.sec.gov. 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.

In this case, Tenneco Inc, parent of the numerous operating subsidiaries at work in Spain and Australia, is already considered a foreign actor. SKOKIE, Ill., June 7, 2022 /PRNewswire/ -- Tenneco Inc. (NYSE: TEN) today announced that its shareholders voted to approve Tenneco's pending acquisition by 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. November 17, 2022 08:46 ET This transaction looks on track to close in H2'2022 and on its original terms. 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. To learn more, please visit www.apollo.com. All quotes delayed a minimum of 15 minutes. 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. Distributed by Public, unedited and unaltered, on 17 October 2022 20:42:04 UTC. Apollo agreed to pay only ~5.6x 2021 EBITDA (=$7.150b/$1.273b) for Tenneco. Apollo Contacts For Editing by Matthew Lewis, Unstable markets drag Canadian M&A, debt issuance to four-year low, Dominion Energy, National Grid pursuing pipeline sales - WSJ, Exclusive: Buyout firm EnCap eyes nearly $3 bln of Permian asset sales -sources, UBS CEO tells Credit Suisse staff to stay focused on clients and the business, United will cut some New York-area, D.C. flights after US waiver, Southwest Airlines CEO receives higher bonus despite holiday meltdown, Some people living near Colombian volcano loathe to evacuate, Borrowing from key Fed lending facilities cools a bit in latest week, Jes Staley attacks JPMorgan, demands separate trial over Jeffrey Epstein. Tenneco Inc. agreed to be acquired by Apollo Global Management for $20/sh in cash. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Tennecos stockholders. LAKE FOREST, Ill., Feb. 23, 2022 /PRNewswire/ -- Tenneco (NYSE: TEN) announced today it has entered into a definitive agreement to be acquired by funds 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. 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. LAKE FOREST, Ill., Feb. 23, 2022 /PRNewswire/ -- Tenneco. The Early Participation Premium is included in the Total Consideration. As of June 30, 2022, Apollo had approximately $515 billion of assets under management. As a result of the transaction completion, Tennecos common stock no longer trades on the New York Stock Exchange. In light of the pending transaction with Apollo Funds, Tenneco will not conduct a conference call or give forward-looking guidance. For investor inquiries regarding Apollo, please contact: Tenneco Inc. published this content on 17 October 2022 and is solely responsible for the information contained therein. With that said, it does not appear that Apollo overpaid for Tenneco. 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. 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 Bragar Eagel & Squire Our Standards: The Thomson Reuters Trust Principles. 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 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. 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. 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. For investor inquiries regarding Apollo, please contact: Noah GunnGlobal Head of Investor RelationsApollo Global Management, Inc.(212) 822-0540[emailprotected], Joanna RoseGlobal Head of Corporate CommunicationsApollo Global Management, Inc.(212) 822-0491[emailprotected].

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. 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.