Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. tenneco apollo merger. See here for a complete list of exchanges and delays. Apollo Global Management, Inc. Veteran executive Jim Voss has been appointed CEO of Tenneco, effective immediately and as previously announced. 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.
To learn more, please visit www.apollo.com. 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. Tenneco traded below $10/sh leading up to the merger announcement and, since then, the equity market has weakened significantly. 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.
To learn more, please visit www.apollo.com. BofA Securities, Inc. and Citigroup Global Markets Inc. are acting as Dealer Managers for the Tender Offer and the Consent Solicitation.
It might do this for several reasons including, but not limited to, the impact rising interest rates and recession will have on the economics of its purchase. Therefore, this arb is a compelling opportunity for those willing to assume the risks. AI Is Moving Fast Enough to Break Things. tenneco apollo merger. 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 Fortunato or Alexandra Raymond by email atmergers@bespc.comor telephone at (646) 860-9157, or byfilling out this contact form. The deal is one of the first to include provisions relating to the conflict between Russia and Ukraine. 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. kevin mccarthy staff directory About ApolloApollo is a high-growth, global alternative asset manager. Apollo Global Management, Inc.'s (APO) $7.1b acquisition of Tenneco Inc. (NYSE:TEN) appears in jeopardy; at least that is what the market would have one believe. I look forward to leading the talented team at Tenneco and serving our customers and partners around the world.. 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.
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.
Most recently, Voss was the president and CEO of Vectra, a technology-based industrial growth company. 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. 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. Therefore, Tenneco's current market price presents an opportunity for investors to make a spectacular +25% return in less than 6 months.
On October 28, 2022, the European Commission issued its approval of the Merger under the applicable provisions of the EU merger regulations. 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. 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 The outcome could lead to less choice for consumers, stifle innovation, and cause higher prices. Secure and increase the performance of your investments with our team of experts at your side. Such statements generally include the words "believes," "plans," "intends," "targets," "will," "expects," "estimates," "suggests," "anticipates," "outlook," "continues," or similar expressions. 
Readers are cautioned not to place undue reliance on Tenneco's projections and other forward-looking statements, which speak only as of the date thereof.
In all, regulatory approvals are not expected to cause a delay to this transaction. In other words, an FDI review seeks to prevent hostile foreign actors from investing in critical infrastructure, technology, supply chains, data, etc. 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. With that said, it does not appear that Apollo overpaid for Tenneco. LAKE FOREST, Ill., Feb. 23, 2022 /PRNewswire/ -- Tenneco (NYSE: TEN) announced today it has entered into a definitive agreement to be When typing in this field, a list of search results will appear and be automatically updated as you type. Therefore, the impact on the competitive environment will be negligible. For instance, in 2021 Apollo purchased majority control of ABC Technologies, a manufacturer and supplier of automotive plastics. 
The Notes will be offered only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A and outside the United States to non-U.S. 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. 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. In light of the announced transaction with Apollo, Tenneco has cancelled the earnings conference call previously scheduled for February 24. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. About TennecoTenneco is one of the world's leading designers, manufacturers and marketers of automotive products for original equipment and aftermarket customers, with full year 2021 revenues of$18 billionand approximately 71,000 team members working at more than 260 sites worldwide.
All rights reserved. Merger Updates The EC remedy deadline for Activision/Microsoft falls on Friday, October 28. 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 Please.
On its face, Apollo got a good deal. 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. 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. The Company is under no obligation to (and specifically disclaims any such obligation to) update or alter these forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. 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. Clickhereto learn more and participate in the action. SKOKIE, Ill., June 7, 2022 /PRNewswire/ -- Tenneco Inc. (NYSE: TEN) today announced that its shareholders voted to approve Tenneco's pending acquisition by 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. 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. 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
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. 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. In addition, the Company is not providing financial guidance for 2022 as a result of the pending transaction. And certainly, in its discussions with lenders, Apollo received a verbal, although not guaranteed, range at which the loan will be priced, giving them foresight into whether to execute the merger agreement.
The company expects to complete the transaction in the second half of 2022, and continues to make progress obtaining necessary approval. 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. 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. Were pleased to complete this acquisition and support Jim and the management team in making strategic investments across product categories to accelerate growth and deliver innovative customer solutions, said Apollo Partner Michael Reiss. I wrote this article myself, and it expresses my own opinions. This is bad news considering, on an LTM basis, Tenneco had only a 1.5x GAAP interest coverage ratio.
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