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. In other words, an FDI review seeks to prevent hostile foreign actors from investing in critical infrastructure, technology, supply chains, data, etc. So even if reality differs from its original expectations in light of the looming recession, Apollo looks positioned to make money on this transaction. 
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. 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 Tenneco Inc. agreed to be acquired by Apollo Global Management for $20/sh in cash. The full details of the Tender Offer and Consent Solicitation, including complete instructions on how to tender the Notes, are included in the Statement. With an enterprise value of $7.1 billion including debt, the take :Bragar Eagel & Squire, P.C.
This transaction was made based on a financial, not strategic, decision by Apollo.
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. NEW YORK, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the officers or directors of Tenneco Inc. (NYSE: TEN) breached their fiduciary duties or violated the federal securities laws in connection with the companys acquisition by affiliates of Apollo Global Management, Inc. (NYSE: APO). 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. 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. 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. The company expects to complete the transaction in the second half of 2022, and continues to make progress obtaining necessary approval. In light of the announced transaction with Apollo, Tenneco has cancelled the earnings conference call previously scheduled for February 24. Holders of the Notes are strongly encouraged to carefully read the Statement because it contains important information. I look forward to leading the talented team at Tenneco and serving our customers and partners around the world.. 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. None of these regulatory hurdles are expected to derail this merger. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent to transactions of this nature, including, without limitation, whether or not the Company completes the Tender Offer and Consent Solicitation on terms currently contemplated or. 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. 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. I am not receiving compensation for it (other than from Seeking Alpha). Apollo is a global, high-growth alternative asset manager. Tenneco shares hovered around $19.23 on Monday, very close to the $20 per share deal price. Jim Voss Appointed Chief Executive Officer of Tenneco. 
This is bad news considering, on an LTM basis, Tenneco had only a 1.5x GAAP interest coverage ratio. Prior results do not guarantee similar outcomes. Apollo Global Management, Inc.
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. 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. Veteran executive Jim Voss has been appointed CEO of Tenneco, effective immediately and as previously announced. There will be a marketing period for the contemplated notes that will take place once all conditions precedent to the merger are satisfied. 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 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. See here for a complete list of exchanges and delays. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. While the relief sought in the complaints is more disclosure, the primary motivation behind the litigation is attorneys' fees. Apollo agreed to assume all of Tenneco's debt. When typing in this field, a list of search results will appear and be automatically updated as you type. Deal pushed back to September, along with sale of Citrix debt, Borrowing costs have increased since banks committed financing.
Analyst recommendations: Nike, Albermarle, Diageo, Reckitt Benck.. Deutsche Bank Adjusts Tenneco's Price Target to $20 From $18, Maintains Hold Rating, Cover Page Interactive Data File (embedded within the Inline XBRL document), Executive Vice President and General Counsel, Chief Information Officer & Senior Vice President. 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. All rights reserved. Therefore, Tenneco's current market price presents an opportunity for investors to make a spectacular +25% return in less than 6 months. 
Forward-looking statements may be identified by the context of the statement and generally arise when Tenneco or its management is discussing its beliefs, estimates or expectations. Based on the forgoing, this merger arbitrage presents a compelling opportunity. Delayed Nyse 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. An antitrust issue arises when a transaction has anticompetitive effects. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Tennecos stockholders. 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. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Merger Sub will merge with and into Tenneco (the February 23, 2022. About ApolloApollo is a high-growth, global alternative asset manager. 
Except as required by applicable law, the Company 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. 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. 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. 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. 
With that said, it does not appear that Apollo overpaid for Tenneco. receipt of all required regulatory approvals; and. 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. LAKE FOREST, Ill., Feb. 23, 2022 /PRNewswire/ -- Tenneco (NYSE: TEN) announced today it has entered into a definitive agreement to be 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. Until the closing of the Merger, the Company will continue to operate as an independent company. Copyright 2023 Surperformance. 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. The Early Tender Date was 5:00 p.m., New York City time, on July 19, 2022. 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. SKOKIE, Ill., June 7, 2022 /PRNewswire/ --Tenneco Inc. (NYSE: TEN) today announced that its shareholders voted to approve Tenneco's pending acquisition by affiliates of Apollo Global Management, Inc. at Tenneco's annual meeting of shareholders held earlier today. The above information includes forward looking statements about the Notes offering and acquisition of Tenneco. February 23, 2022 16:23 ET
Subject to the satisfaction of the remaining conditions to closing, Parent, Merger Sub and Tenneco expect to consummate the Merger in mid-November, 2022, promptly after the completion of certain debt financing activities by Parent and its debt financing sources that are contemplated by the Merger Agreement. 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. Feb 1. 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. Clickhereto learn more and participate in the action. Monroe Releases New Part Numbers in February, Including New Monroe OESpectrum Shock and Mount Assembly, Quick-Strut Assemblies, Conversion Kit for Vehicles with Factory-Equipped Magnetic Ride Control, and More. from 8 AM - 9 PM ET. Apollo Contacts For SKOKIE, Ill. and NEW YORK, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Tenneco and Apollo (NYSE: APO) today announced that funds managed by Apollo 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. Most recently, Voss was the president and CEO of Vectra, a technology-based industrial growth company. To learn more, please visit www.apollo.com. Exclusive news, data and analytics for financial market professionals, Reporting by Krystal Hu in Beijing SKOKIE, Ill. and NEW YORK, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Tenneco and Apollo (NYSE: APO) today announced that funds managed by Apollo In the Merger Agreement, there are several conditions precedent in order to consummate the transaction. To learn more, please visit www.apollo.com.
Post author: Post published: April 6, 2023; Post category: Most are antitrust-related but two focus on foreign investment. 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. As of June 30, 2022, Apollo had approximately $515 billion of assets under management. Is this happening to you frequently? Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Bragar Eagel & Squire is concerned that Tennecos board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. 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. 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. In this case, the two parties - Apollo and Tenneco - do not offer similar products nor operate in the same industry. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The Tender Offer and Consent Solicitation is being made solely by the Statement. I have no business relationship with any company whose stock is mentioned in this article. Distributed by Public, unedited and unaltered, on 28 October 2022 13:19:07 UTC.
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. About Bragar Eagel & Squire, P.C. 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. 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. These statements are subject to many risks, uncertainties and unknown future events that could cause actual results to differ materially. Bragar Eagel & Squire. Additionally, Apollo is getting Tenneco at a very attractive EV/EBITDA multiple, so it's unlikely they will baulk at the transaction. 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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. 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 Tenneco Inc. agreed to be acquired by Apollo Global Management for $20/sh in cash. The full details of the Tender Offer and Consent Solicitation, including complete instructions on how to tender the Notes, are included in the Statement. With an enterprise value of $7.1 billion including debt, the take :Bragar Eagel & Squire, P.C.
This transaction was made based on a financial, not strategic, decision by Apollo.
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. NEW YORK, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the officers or directors of Tenneco Inc. (NYSE: TEN) breached their fiduciary duties or violated the federal securities laws in connection with the companys acquisition by affiliates of Apollo Global Management, Inc. (NYSE: APO). 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. 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. 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. The company expects to complete the transaction in the second half of 2022, and continues to make progress obtaining necessary approval. In light of the announced transaction with Apollo, Tenneco has cancelled the earnings conference call previously scheduled for February 24. Holders of the Notes are strongly encouraged to carefully read the Statement because it contains important information. I look forward to leading the talented team at Tenneco and serving our customers and partners around the world.. 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. None of these regulatory hurdles are expected to derail this merger. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent to transactions of this nature, including, without limitation, whether or not the Company completes the Tender Offer and Consent Solicitation on terms currently contemplated or. 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. 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. I am not receiving compensation for it (other than from Seeking Alpha). Apollo is a global, high-growth alternative asset manager. Tenneco shares hovered around $19.23 on Monday, very close to the $20 per share deal price. Jim Voss Appointed Chief Executive Officer of Tenneco.
This is bad news considering, on an LTM basis, Tenneco had only a 1.5x GAAP interest coverage ratio. Prior results do not guarantee similar outcomes. Apollo Global Management, Inc.
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. 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. Veteran executive Jim Voss has been appointed CEO of Tenneco, effective immediately and as previously announced. There will be a marketing period for the contemplated notes that will take place once all conditions precedent to the merger are satisfied. 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 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. See here for a complete list of exchanges and delays. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. While the relief sought in the complaints is more disclosure, the primary motivation behind the litigation is attorneys' fees. Apollo agreed to assume all of Tenneco's debt. When typing in this field, a list of search results will appear and be automatically updated as you type. Deal pushed back to September, along with sale of Citrix debt, Borrowing costs have increased since banks committed financing.
Analyst recommendations: Nike, Albermarle, Diageo, Reckitt Benck.. Deutsche Bank Adjusts Tenneco's Price Target to $20 From $18, Maintains Hold Rating, Cover Page Interactive Data File (embedded within the Inline XBRL document), Executive Vice President and General Counsel, Chief Information Officer & Senior Vice President. 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. All rights reserved. Therefore, Tenneco's current market price presents an opportunity for investors to make a spectacular +25% return in less than 6 months. Forward-looking statements may be identified by the context of the statement and generally arise when Tenneco or its management is discussing its beliefs, estimates or expectations. Based on the forgoing, this merger arbitrage presents a compelling opportunity. Delayed Nyse 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. An antitrust issue arises when a transaction has anticompetitive effects. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Tennecos stockholders. 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. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Merger Sub will merge with and into Tenneco (the February 23, 2022. About ApolloApollo is a high-growth, global alternative asset manager. Except as required by applicable law, the Company 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. 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. 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. 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. With that said, it does not appear that Apollo overpaid for Tenneco. receipt of all required regulatory approvals; and. 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. LAKE FOREST, Ill., Feb. 23, 2022 /PRNewswire/ -- Tenneco (NYSE: TEN) announced today it has entered into a definitive agreement to be 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. Until the closing of the Merger, the Company will continue to operate as an independent company. Copyright 2023 Surperformance. 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. The Early Tender Date was 5:00 p.m., New York City time, on July 19, 2022. 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. SKOKIE, Ill., June 7, 2022 /PRNewswire/ --Tenneco Inc. (NYSE: TEN) today announced that its shareholders voted to approve Tenneco's pending acquisition by affiliates of Apollo Global Management, Inc. at Tenneco's annual meeting of shareholders held earlier today. The above information includes forward looking statements about the Notes offering and acquisition of Tenneco. February 23, 2022 16:23 ET
Subject to the satisfaction of the remaining conditions to closing, Parent, Merger Sub and Tenneco expect to consummate the Merger in mid-November, 2022, promptly after the completion of certain debt financing activities by Parent and its debt financing sources that are contemplated by the Merger Agreement. 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. Feb 1. 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. Clickhereto learn more and participate in the action. Monroe Releases New Part Numbers in February, Including New Monroe OESpectrum Shock and Mount Assembly, Quick-Strut Assemblies, Conversion Kit for Vehicles with Factory-Equipped Magnetic Ride Control, and More. from 8 AM - 9 PM ET. Apollo Contacts For SKOKIE, Ill. and NEW YORK, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Tenneco and Apollo (NYSE: APO) today announced that funds managed by Apollo 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. Most recently, Voss was the president and CEO of Vectra, a technology-based industrial growth company. To learn more, please visit www.apollo.com. Exclusive news, data and analytics for financial market professionals, Reporting by Krystal Hu in Beijing SKOKIE, Ill. and NEW YORK, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Tenneco and Apollo (NYSE: APO) today announced that funds managed by Apollo In the Merger Agreement, there are several conditions precedent in order to consummate the transaction. To learn more, please visit www.apollo.com.
Post author: Post published: April 6, 2023; Post category: Most are antitrust-related but two focus on foreign investment. 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. As of June 30, 2022, Apollo had approximately $515 billion of assets under management. Is this happening to you frequently? Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Bragar Eagel & Squire is concerned that Tennecos board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. 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. 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. In this case, the two parties - Apollo and Tenneco - do not offer similar products nor operate in the same industry. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The Tender Offer and Consent Solicitation is being made solely by the Statement. I have no business relationship with any company whose stock is mentioned in this article. Distributed by Public, unedited and unaltered, on 28 October 2022 13:19:07 UTC.
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. About Bragar Eagel & Squire, P.C. 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. 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. These statements are subject to many risks, uncertainties and unknown future events that could cause actual results to differ materially. Bragar Eagel & Squire. Additionally, Apollo is getting Tenneco at a very attractive EV/EBITDA multiple, so it's unlikely they will baulk at the transaction. 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