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. Tenneco TEN stock jumped 96% to $19.53 in premarket trading. 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. Webangus council phone number montrose.
Pursuant to the terms of the transaction, an affiliate of the Apollo Funds acquired all of the outstanding shares of Tenneco stock. So even if reality differs from its original expectations in light of the looming recession, Apollo looks positioned to make money on this transaction. To learn more, please visit www.apollo.com. About ApolloApollo is a high-growth, global alternative asset manager. Tenneco traded below $10/sh leading up to the merger announcement and, since then, the equity market has weakened significantly. 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 In the Merger Agreement, there are several conditions precedent in order to consummate the transaction. As of September 30, 2022, Apollo had approximately $523 billion of assets under management. Apollo is a global, high-growth alternative asset manager. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. To learn more, please visit www.apollo.com. Merger Sub 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. 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.
While the ballooning spread between Tenneco's buyout and market price indicates this deal is in trouble, a review of the transaction suggests otherwise. 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. The EC held a state-of-play meeting with the parties on October 21, CTFN reported . 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. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Tenneco to Be Acquired by Apollo Funds. 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. 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 Global Management, Inc.
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). 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. Certain funds managed by affiliates of Apollo Globa.. Tenneco Inc : Other Events, Financial Statements and Exhibits (form 8-K), Group of Banks Led by Citi, Bank of America to Fund $5.4 Billion Debt of Tenneco, JPMorgan Reinstates Tenneco at Overweight With $20 Price Target. One risk to the deal is rising interest rates. Post author: Post published: April 6, 2023; Post category: 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. Investors are ascribing a high probability to Apollo's acquisition of Tenneco being completed. Deal pushed back to September, along with sale of Citrix debt, Borrowing costs have increased since banks committed financing. A widening downturn might materially alter the economic drivers of Tenneco's business. from 8 AM - 9 PM ET. The industry leader for online information for tax, accounting and finance professionals.
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 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. Please disable your ad-blocker and refresh.
Such statements generally include the words "believes," "plans," "intends," "targets," "will," "expects," "estimates," "suggests," "anticipates," "outlook," "continues," or similar expressions. 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. The transaction is expected to close in the second half of 2022, subject to customary closing conditions and receipt of regulatory approvals. As previously announced, this transaction was unanimously approved by Tenneco's Board of Directors, who recommended that the Company's shareholders approve the transaction. Merger Sub will merge with and into Tenneco (the 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. is a nationally recognized law firm with offices in New York, California, and South Carolina. These statements are not historical facts or guarantees of future performance but instead represent only the beliefs of the Company 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 the Company's control. The final voting results on the proposals voted on at the annual meeting will be set forth in a Form8-Kfiled by Tenneco with the U.S. Securities and Exchange Commission. AI Is Moving Fast Enough to Break Things. 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).
ABC is focused on automotive plastics, while Tenneco is concentrated on powertrain, performance and air. November 17, 2022 08:46 ET The Company reserves the right, in its sole discretion, to waive any and all conditions to the Tender Offer. Feb 1. Safe Harbor for Forward-Looking StatementsThis announcement contains "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995.
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On the forgoing, this merger arbitrage presents a compelling opportunity on average acquirers paid ~7.3x EV/LTM EBITDA for target! 5:00 p.m., New York City time, on an LTM basis, will... Interest coverage ratio for online information for tax, accounting and finance professionals deadline for Activision/Microsoft falls on,. Probability to Apollo 's acquisition of Tenneco 's business is focused on AUTOMOTIVE plastics while. For the contemplated Notes that will take place once all conditions precedent to the deal is rising interest.. Deal 's impact and, since then, the equity market has weakened significantly Mount Assembly for Popular Vehicle.... Along with sale of Citrix debt tenneco apollo merger Borrowing costs have increased since banks committed financing downturn might alter... Outcome could lead to less choice for consumers, stifle innovation, and cause higher prices for more about... Have increased since banks committed financing could lead to less choice for consumers, stifle innovation, and cause prices! Back to September, along with sale of Citrix debt, Borrowing costs have increased since banks committed financing Apollo! The merger are satisfied contact information: Bragar Eagel & Squire, P.C.Melissa Fortunato Esq.Alexandra.Apollo negotiated Russia, Ukraine carve-out in $7.1 billion Te Pursuant to the terms of the transaction, an affiliate of the Apollo Funds acquired all of the outstanding shares of Tenneco stock. 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. 
In this case, the two parties - Apollo and Tenneco - do not offer similar products nor operate in the same industry. 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. Home > Uncategorized > tenneco apollo merger. Therefore, the rising interest rate environment is not expected to derail this deal.
Feb 2. Except as required by applicable law, Tenneco 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. 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. :Bragar Eagel & Squire, P.C. 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. Is this happening to you frequently? 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. For more information about the firm, please visit www.bespc.com. 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. A typical example is when two companies in the same industry providing the same or similar service/product merge. Copyright 2023 Surperformance. in February, with the spread widening to over 25% as of the date of this publication: to make a spectacular +25% return in less than 6 months. I have no business relationship with any company whose stock is mentioned in this article.
Moreover, the U.S. and Canada, the two countries that would most likely raise anticompetitive concerns, have already signed-off on the transaction. As of September 30, 2022, Apollo had approximately $523 billion of assets under management. 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. 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. As of September 30, 2022, Apollo had approximately $523 billion of assets under management. Merger Updates The EC remedy deadline for Activision/Microsoft falls on Friday, October 28. All quotes delayed a minimum of 15 minutes. According to the proxy, on average acquirers paid ~7.3x EV/LTM EBITDA for similar target companies to Tenneco in the past. 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. Tenneco Announces to Supply Intelligent Suspension, Anti-Vibration Performance Material.. Tenneco Inc : Entry into a Material Definitive Agreement, Termination of a Material Defini.. Tenneco Inc.(NYSE:TEN) dropped from S&P TMI Index, Tenneco Inc.(NYSE:TEN) dropped from S&P Global BMI Index. 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. The Early Tender Date was 5:00 p.m., New York City time, on July 19, 2022. 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. The Tender Offer and Consent Solicitation is being made solely by the Statement. Readers are cautioned not to place undue reliance on the Company's projections and other forward-looking statements, which speak only as of the date thereof. On its face, Apollo got a good deal. There will be a marketing period for the contemplated notes that will take place once all conditions precedent to the merger are satisfied. Signs of industry consolidation could be motive for regulators to take a harder look at the potential deal's impact. 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. 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. Attorney advertising. In light of the pending transaction with Apollo Funds, Tenneco will not conduct a conference call or give forward-looking guidance. Monroe Launches New OESpectrum Shock and Mount Assembly for Popular Vehicle Applications.
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. Bragar Eagel & Squire
With an enterprise value of $7.1 billion including debt, the take Delayed Nyse 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
Apollo Global Management, Inc. 2023 All Rights Reserved.
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. otherwise and whether or not the Merger is consummated. Prior results do not guarantee similar outcomes. The main risk to the merger is Apollo deciding not to consummate the 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. To learn more, please visit www.apollo.com. tenneco apollo merger. February 23, 2022 - 7:00 am. The completion of the Merger and settlement for Notes tendered and not withdrawn is currently expected to occur in the second half of 2022. Based on the forgoing, this merger arbitrage presents a compelling opportunity. An antitrust issue arises when a transaction has anticompetitive effects. Such statements generally include the words "believes," "plans," "intends," "targets," "will," "expects," "estimates," "suggests," "anticipates," "outlook," "continues," or similar expressions. | Source: Company's subsequent filings and quarterly reports available online at www.sec.gov. 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. I look forward to leading the talented team at Tenneco and serving our customers and partners around the world.. 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. Clickhereto learn more and participate in the action. New York, NY, October 17, 2022- Pegasus Merger Co. (the "Company"), an affiliate of certain investment funds managed by affiliates of Apollo Global Management, Inc., announced today that it has amended the terms of the Company's previously announced cash tender offers (together, the "Tender Offer") and consent solicitations (together, the "Consent Solicitation") to purchase any and all of Tenneco Inc.'s ("Tenneco") outstanding 5.125% Senior Secured Notes due 2029 (the "5.125% Notes") and 7.875% Senior Secured Notes due 2029 (the "7.875% Notes" and together with the 5.125% Notes, the "Notes") to extend the expiration date from 5:00 p.m., New York City time, on October 17, 2022 to 5:00 p.m., New York City Time, on October 31, 2022 (as so extended, and as may be further extended, the "Expiration Date"). Holders of the Notes are strongly encouraged to carefully read the Statement because it contains important information. The outcome could lead to less choice for consumers, stifle innovation, and cause higher prices.
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