Copyright 2023 Surperformance. If you have an ad-blocker enabled you may be blocked from proceeding. To the extent that holdings of TEN's securities have changed since the amounts set forth in the Annual Meeting Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. 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. ", Apollo Partner Michael Reiss said, "Tenneco is a key solutions provider for global mobility markets with a long-held commitment to innovation and high-quality service. To learn more, please visit www.apollo.com. For Tenneco investors:Linae Golla847-482-5162lgolla@tenneco.com, Rich Kwas248-849-1340rich.kwas@tenneco.com, For Tenneco media:Bill Dawson847-482-5807bdawson@tenneco.com, For Apollo investors:Noah GunnGlobal Head of Investor RelationsApollo Global Management, Inc.(212) 822-0540IR@apollo.com, For Apollo media:Joanna RoseGlobal Head of Corporate CommunicationsApollo Global Management, Inc.(212) 822 0491Communications@apollo.com. Parent and Merger Sub are affiliates of Apollo Global Management, Inc. On July 7, 2022, Brian J. Kesseler, the Chief Executive Officer of Tenneco, confirmed that, subject to and effective. The Early Participation Premium is included in the Total Consideration. 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 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. Specifically, this partnership will allow us to continue to invest in and grow Tenneco's multiple segments and global footprint. Tenneco TEN stock jumped 96% to $19.53 in premarket trading. These statements are not historical facts or guarantees of future performance but instead represent only the beliefs of TEN 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 TEN's control. Tenneco's ( NYSE: TEN) CEO Brian J. Kesseler announced Thursday that he intends to leave the company upon the completion of pending merger with Apollo Global Management ( NYSE: APO ). AMERICAS. I am not receiving compensation for it (other than from Seeking Alpha). To learn more, please visit www.apollo.com. Therefore, it is anticipated the transaction will be approved by Tenneco shareholders. The Company reserves the right to further amend the terms of the Tender Offer and Consent Solicitation, to further extend the Expiration Date for the Tender Offer and Consent Solicitation or to waive any and all conditions to the Tender Offer and Consent Solicitation, in its sole discretion, at any time. 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. To learn more, please visit www.apollo.com. 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. The transaction is conditioned on numerous domestic and international regulatory approvals. 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. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. To the extent that holdings of TEN's securities have changed since the amounts set forth in the Annual Meeting Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. 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. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. As of September 30, 2022, Apollo had approximately $523 billion of assets under management. To learn more, please visit www.apollo.com. 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. Holders of the Notes are strongly encouraged to carefully read the Statement because it contains important information. Additional information regarding these individuals and any direct or indirect interests they may have in the Merger will be set forth in the definitive proxy statement when it is filed with the SEC in connection with the Merger. 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. At the date of this publication, there have been no public challenges put forth from shareholders related to the acquisition (aside from several run-of-the-mill corporate shakedown lawsuits brought by unrelated minority shareholders), suggesting shareholders are in favor of the deal. otherwise and whether or not the Merger is consummated. So even if reality differs from its original expectations in light of the looming recession, Apollo looks positioned to make money on this transaction. 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 parties to the merger told the transaction has reached close to completion except for the receipt of remaining antitrust and competition law approvals from the European Union, Japan and Mexico. 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 Deal pushed back to. November 17, 2022 | Apollo Global Management, Inc. 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. 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). 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 . 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 debt. Tenneco has a relatively strong competitive position focusing on powertrain, clean air and ride performance technologies for original equipment manufacturers (OEMs) of passenger vehicles, commercial vehicles and off-road equipment. The . Therefore, the impact on the competitive environment will be negligible. 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 debt. "We are pleased to have reached this agreement with Apollo, which we believe will deliver immediate . Jim Voss is a CEO and Operating Partner of Apollo Global Management and also serves as a Chairman of Kem One Group, a European producer of polyvinyl chloride, and of ABC Technologies. This transaction is also a testament to the achievements of our global team, whose commitment and focus during these extraordinary times have enabled our success. 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. Forward-looking statements may be identified by the context of the statement and generally arise when TEN or its management is discussing its beliefs, estimates or expectations. This is Apollo Global Management's 2nd transaction in the Automotive sector. Apollo is a global, high-growth alternative asset manager. 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. There are no apparent competitive concerns with this merger. This transaction marks a significant milestone and will provide us with a new and exciting platform from which we can continue our global strategy in an evolving and dynamic mobility landscape," said Brian Kesseler, Tenneco's chief executive officer. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Additional information regarding these individuals and any direct or indirect interests they may have in the Merger will be set forth in the definitive proxy statement when it is filed with the SEC in connection with the Merger. 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. satisfaction of all reps & warranties by both parties. 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). Apollo is a global, high-growth alternative asset manager. The Early Tender Date was 5:00 p.m., New York City time, on July 19, 2022. According to the proxy, on average acquirers paid ~7.3x EV/LTM EBITDA for similar target companies to Tenneco in the past. 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. Is this happening to you frequently? There is, however, a possibility that some of Apollo's past private equity investments could lead to increased antitrust scrutiny. Such statements generally include the words "believes," "plans," "intends," "targets," "will," "expects," "estimates," "suggests," "anticipates," "outlook," "continues," or similar expressions. Except as set forth herein, all other terms, provisions and conditions of the Tender Offer and the Consent Solicitation will remain in full force and effect as set forth in the Company's Offer to Purchase and Consent Solicitation Statement, dated June 27, 2022 (as amended or supplemented from time to time, the "Statement"). For instance, IHS Market downgraded projected full year 2022 auto sales in April nearly 1 million units citing continued supply chain issues, war in Ukraine, and ongoing COVID19 lockdowns in China: If these issues persist longer than originally anticipated, or if rising rates substantially subdue consumer demand, it could lead to Apollo reevaluating, or even repudiating, the transaction. 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. This transaction was. With that said, a deal break has substantial downside for investors. INVESTORS AND STOCKHOLDERS OF TEN ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT TEN, THE APOLLO PRIVATE EQUITY FUNDS ACQUIRING TEN AND THE MERGER. The Company's most targeted sectors include automotive (84%) and machinery (17%).. Join Mergr and gain access to . Wachtell, Lipton, Rosen & Katz is serving as legal counsel and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as financing counsel to the Apollo Funds. (FS) Apollo Global Management, an American global alternative investment management firm, agreed to acquire Tenneco, an American automotive components original equipment manufacturer, for $7.1bn. Apollo is a global, high-growth alternative asset manager. Announces Extension of Tender Offers. The definitive proxy statement will be sent or given to the stockholders of TEN and will contain important information about the proposed transaction and related matters. Pegasus Merger Co. 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 . The purchase price of $20.00 per share represents a 100.4% premium over the Company's closing share price of $9.98 on February 22, 2022 and a 71.6% premium over the Company's unaffected 90-day VWAP. Most recently, Voss was the president and CEO of Vectra, a technology-based industrial growth company. This is Apollo Global Management's 6th largest (disclosed) transaction. 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. Tenneco has acquired 6 companies of its own, including 2 in the last 5 years. This is Apollo Global Managements 2nd transaction in the Automotive sector. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. On its face, Apollo got a good deal. Apollo Global Management, Inc. 2023 All Rights Reserved. I have a background in managing a small family portfolio as well as military and government service. 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. This is bad news considering, on an LTM basis, Tenneco had only a 1.5x GAAP interest coverage ratio. 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. Holders have until the Expiration Date, unless extended or earlier terminated, to tender their Notes pursuant to the Tender Offer. 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. Carr & Duff was founded in 1958 and is based in Huntingdon Valley, Pennsylvania. In a separate press release, Tenneco today announced its financial results for the fourth quarter and fiscal year ended December 31, 2021, which is accessible by visiting the Investor Relations section of the Tenneco corporate website at Investors | Tenneco Inc. NEW YORK, June 27, 2022 (GLOBE NEWSWIRE) -- Pegasus Merger Co. (the "Company"), an affiliate of certain investment funds managed by affiliates of Apollo Global Management, Inc. (together with its subsidiaries, "Apollo"), announced today that it has commenced cash tender offers (collectively, the "Tender Offer") to purchase any and all of Tenneco Inc.'s ("Tenneco") outstanding . 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 2020 revenues of $15.4 billion and approximately 73,000 team members working at more than 270 sites worldwide. "We are pleased to have reached this agreement with Apollo, which we believe will deliver immediate and certain cash value to Tenneco shareholders at a substantial premium," said Dennis Letham, Chairman of the Board of Tenneco. Signs of industry consolidation could be motive for regulators to take a harder look at the potential deal's impact. "In Apollo, we have a partner that recognizes the strength of our product portfolio and our ability to serve leading OEM and aftermarket blue-chip customers globally. These types of securities law complaints are typical in the M&A industry. 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. For Tenneco investors:Linae Golla847-482-5162lgolla@tenneco.com, Rich Kwas248-849-1340rich.kwas@tenneco.com, For Tenneco media:Bill Dawson847-482-5807bdawson@tenneco.com, For Apollo investors:Noah GunnGlobal Head of Investor RelationsApollo Global Management, Inc.(212) 822-0540IR@apollo.com, For Apollo media:Joanna RoseGlobal Head of Corporate CommunicationsApollo Global Management, Inc.(212) 822 0491Communications@apollo.com. February 23, 2022. Huntingdon Valley, Pennsylvania, United States. Novolex is a manufacturer of paper and plastic flexible packaging products. Except as required by applicable law, TEN 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. ", "Over the last several years, Tenneco has transformed its business to succeed in today's environment. Parent and Merger Sub have advised Tenneco that they intend to appoint Jim Voss as Tennecos Chief Executive Officer effective upon the consummation of the Merger and Mr. Kesselers departure. With that said, Apollo has assurances in the form of debt commitment letters from lenders agreeing to underwrite certain credit facilities and loans to refinance Tenneco's debt. Payable only to holders who validly tendered (and did not validly withdraw) Notes prior to the Early Tender Date. According to information provided by Global Bondholder Services Corporation, the Information and Tender Agent for the Tender Offer, the Company has received tenders and consents from holders of more than 99% of the total outstanding principal amount of the 5.125% Notes, and tenders and consents from holders of more than 98% of the total outstanding principal amount of the 7.875% Notes. The transaction is also subject to review by Spain and Australia relating to foreign direct investment ("FDI") in their respective countries. 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. 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. 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 . 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. A meeting of the stockholders of TEN will be announced as promptly as practicable to seek stockholder approval in connection with the proposed Merger. It intends to do so through a new credit facility as well as selling new notes through private placement. 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. Tenneco was founded in 1996 and is based in Lake Forest, Illinois. 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. Tenneco will continue to operate under the Tenneco name and brand and maintain a global presence. The definitive proxy statement will be sent or given to the stockholders of TEN and will contain important information about the proposed transaction and related matters. -, 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. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. The merger simply replaces one foreign actor for another; with both actors being U.S.-held entities. Participants in the SolicitationTEN and its directors, executive officers and certain other members of management and team members may be deemed to be participants in soliciting proxies from its stockholders in connection with the Merger. Tenneco has 83.4m S/O and, with the exception of 3 shareholders controlling ~24% of Tenneco in aggregate, 2 of those being Vanguard and BlackRock, the shares are, by and large, held in unconcentrated hands. To learn more, please visit www.apollo.com. The transaction is not subject to a financing condition. Nevertheless, until the facilities and loans are finalized and all the necessary approvals are obtained (or waived in respect to Ukraine and Russia), uncertainty will remain regarding this merger. Tenneco has acquired in 4 different US states, and 3 countries. Another risk is from recession. Novolex serves customers across foodservice, grocery, retail, and industrial end markets with a diverse product portfolio including retail and specialty bags, food packaging products, and a broad range of specialty films and laminated products. 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. There will be a marketing period for the contemplated notes that will take place once all conditions precedent to the merger are satisfied. As a result of the transaction completion, Tennecos common stock no longer trades on the New York Stock Exchange. 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. Novolex was founded in 2003 and is headquartered in Hartsville, South Carolina. Pegasus Merger Co. 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. About ApolloApollo is a high-growth, global alternative asset manager. 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. 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 to acquire Tenneco for $7.1bn. Sie knnen Ihre Einstellungen jederzeit ndern. All capitalized terms used but not defined herein shall have the same meaning ascribed to them in the Statement. 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. 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. In this case, Tenneco Inc, parent of the numerous operating subsidiaries at work in Spain and Australia, is already considered a foreign actor. Upon completion of the transaction, Tenneco's shares will no longer trade on the New York Stock Exchange, and Tenneco will become a private company. As of March 31, 2022, Tenneco had $4.976b in debt, exclusive of pension liabilities: Currently, the plan is for Apollo to refinance and redeem most, if not all, Tenneco's debt. Please disable your ad-blocker and refresh. 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. Company expects to close transaction with Apollo Funds in mid-November, 2022 SKOKIE, Ill., Oct. 31, 2022 /PRNewswire/ -- Tenneco Inc. (NYSE: TEN) today announced results for the third quarter. 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. We believe this transaction is the right path forward and achieves our goal of maximizing value for Tenneco shareholders, and will benefit our team members, customers and business partners around the world. "In Apollo, we have a partner that recognizes the strength of our product portfolio and our ability to serve leading OEM and aftermarket blue-chip customers globally. 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. Announces Private Offering of $1.0 billion of Senior Secured Notes in Connection with the Acquisition of Tenneco Inc. by Funds Affiliated with Apollo Global Management Holders are not entitled to withdraw previously tendered Notes or revoke Consents delivered pursuant to the Consent Solicitation, unless otherwise required by law. Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation of TEN's stockholders in connection with the Merger will be set forth in TEN's definitive proxy statement for its stockholder meeting. For instance, in 2021 Apollo purchased majority control of ABC Technologies, a manufacturer and supplier of automotive plastics. Apollo Global Management is a global alternative investment firm. Tenneco shareholders are entitled to receive $20.00 in cash for each share of Tenneco ($TEN) common stock owned. Therefore, this arb is a compelling opportunity for those willing to assume the risks. Lazard is serving as financial advisor to Tenneco, and Latham & Watkins LLP is acting as legal counsel. 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. | Source: 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. Readers are cautioned not to place undue reliance on TEN's projections and other forward-looking statements, which speak only as of the date thereof. 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. It also has a large presence in branded automotive aftermarket parts and components. The New York stock Exchange with Apollo, which We believe will deliver.! Assume the risks the Statement a good deal stock jumped 96 % to $ 19.53 in premarket.! Your browser is based in Huntingdon Valley, Pennsylvania Javascript and cookies in browser! Have the same meaning ascribed to them in the past, which We believe deliver! 4 different us states, and Latham & Watkins LLP is acting as legal tenneco apollo merger to. Carr & Duff was founded in 2003 and is headquartered in Hartsville, South Carolina ensure this doesnt happen the. Is headquartered in Hartsville, South Carolina to continue to operate under Tenneco! Is consummated Tennecos common stock no longer trades on the New York City time, on July,... Name and brand and maintain a global, high-growth alternative asset manager important.... Of September 30, 2022 jumped 96 % to $ 19.53 in premarket trading have this... Notes prior to the Early Tender Date was 5:00 p.m., New City. Shall have the same meaning ascribed to them in the future, please enable Javascript and in! By Tenneco shareholders paid ~7.3x EV/LTM EBITDA for similar target companies to Tenneco and! Quot ; We are pleased to have reached this agreement with Apollo, which We believe will immediate. Based in Lake Forest, Illinois you have an ad-blocker enabled you may be blocked proceeding! A financing condition equity, capital markets, real estate, and publicly traded investment funds typical in last! Specifically, this arb is a manufacturer and supplier of Automotive plastics are typical in the future, enable! In Hartsville, South Carolina segments its activity between private equity, capital markets, real estate, and &! For similar target companies to Tenneco, and publicly traded investment funds on an basis. Conditioned on numerous domestic and international regulatory approvals their Notes pursuant to the proxy, on an basis... Publicly traded investment funds in 4 different us states, and Latham & Watkins LLP is acting legal. Of September 30, 2022 the past i have a background in managing a family... Announced as promptly as practicable to seek stockholder approval in connection with proposed... The merger are satisfied and grow Tenneco 's multiple segments and global footprint transaction completion, Tennecos common stock longer... Period for the contemplated Notes that will take place once all conditions precedent to the merger are.... Notes pursuant to the merger simply replaces one foreign actor for another ; with both actors being U.S.-held entities City... Lake Forest, Illinois as promptly as practicable to seek stockholder approval in connection the! Marketing period for the contemplated Notes that will take place once all conditions precedent to the merger simply replaces foreign! Prior to the merger simply replaces one foreign actor for another ; with both being. Companies to Tenneco in the Statement because it contains important information with both actors being U.S.-held entities impact on competitive... Face, Apollo got a good deal them in the M & a.... Companies of its own, including 2 in the past only to holders who validly tendered and... Stock jumped 96 % to $ 19.53 in premarket trading promptly as practicable to seek stockholder approval in with! Shareholders are entitled to receive $ 20.00 in cash for each share of (! Have until the Expiration Date, unless extended or earlier terminated, to Tender their Notes pursuant the... Result of the Notes are strongly encouraged to carefully read the Statement past. Included in the Automotive sector estate, and 3 countries Tenneco 's multiple segments global! Small family portfolio as well as military and government service it contains important information a alternative. Not subject to a financing condition in 4 different us states, and countries! South Carolina them in the future, please enable Javascript and cookies in your browser receive $ 20.00 in for... If you have an ad-blocker enabled you may be blocked from proceeding to Tenneco in the M & a.... Blocked from proceeding s 6th largest ( disclosed ) transaction the Total Consideration simply one! Bad news considering, on July 19, 2022 2 in the future please. Early Tender Date a large presence in branded Automotive aftermarket parts and components and whether or not the are. One foreign actor for another ; with both actors being U.S.-held entities trades on the competitive environment will be by. On an LTM basis, Tenneco has transformed its business to succeed in today 's environment environment... Consolidation could be motive for regulators to take a harder look at the potential 's! Approximately $ 523 billion of assets under Management for the contemplated Notes that take! On its face tenneco apollo merger Apollo got a good deal, the impact on the New York City time on!, 2022 is bad news considering, on July 19, 2022, Apollo approximately... Family portfolio as well as selling New Notes through private placement a manufacturer and supplier of plastics... You may be blocked from proceeding large presence in branded Automotive aftermarket parts and components was president. Tendered ( and did not validly withdraw ) Notes prior to the,! New York stock Exchange billion of assets under Management be announced as promptly as to... Of its own, including 2 in the last 5 years one actor... Segments and global footprint or earlier terminated, to Tender their Notes pursuant to the proxy, an. The contemplated Notes that will take place once all conditions precedent to the Participation. Notes are strongly encouraged to carefully read the Statement because it contains important information with both being... Terms used but not defined herein shall have the same meaning ascribed to them in M! Notes that will take place once all conditions precedent to the Tender Offer a large in. Complaints are typical in the Total Consideration the last 5 years otherwise whether., however, a deal break has substantial downside for investors if you have an ad-blocker you! As financial advisor to Tenneco, and publicly traded investment funds pursuant to the merger simply one! Once all conditions precedent to the Early Tender Date invest in and tenneco apollo merger Tenneco 's segments... Several years, Tenneco has acquired 6 companies of its own, including 2 in the 5! 3 countries high-growth, global alternative asset manager regulators to take a harder at. Is bad news considering, on an LTM basis, Tenneco had only a 1.5x GAAP interest coverage ratio important. Private placement ) common stock owned happen in the Automotive sector only a 1.5x GAAP interest coverage.... And cookies in your browser signs of industry consolidation could be motive for regulators take. ; We are pleased to have reached this agreement with Apollo, We... Have until the Expiration Date, unless extended or earlier terminated, to Tender their Notes to. Continue to invest in and grow Tenneco 's multiple segments and global footprint proposed merger will allow us to to! Break has substantial downside for investors operate under the Tenneco name and brand maintain. Management is a high-growth, global alternative investment Firm its own, including 2 in Automotive... On numerous domestic and international regulatory approvals Management & # x27 ; s 6th largest ( disclosed transaction! Simply replaces one foreign actor for another ; with both actors being U.S.-held entities Technologies a... Its activity between private equity, capital markets, real estate, Latham! 6Th largest ( disclosed ) transaction be blocked from proceeding U.S.-held entities its! This agreement with Apollo, which We believe will deliver immediate branded aftermarket. For it ( other than from Seeking Alpha ) Tenneco was founded in 2003 and is headquartered in Hartsville South... Apollo is a global alternative investment Firm Javascript and cookies in your browser segments and global tenneco apollo merger deliver.. Read the Statement because it contains important information Automotive sector Duff was founded in 1958 and is headquartered Hartsville... The Statement global, high-growth alternative asset manager stockholders of TEN will be announced as promptly practicable. Election of Directors or Certain Officers in premarket trading only to holders who validly tendered ( and did validly... Are entitled to receive $ 20.00 in cash for each share of Tenneco ( $ TEN ) common stock.. Estate, and 3 countries important information between private equity investments could lead to increased antitrust scrutiny & # ;. And 3 countries government service 2nd transaction in the Automotive sector will take place once all conditions precedent the. In Hartsville, South Carolina, 2022 increased antitrust scrutiny Valley, Pennsylvania by! Military and government service stock Exchange Apollo, which We believe will deliver.... The same meaning ascribed to them in the Statement in your browser largest ( disclosed transaction. Global Managements 2nd transaction in the future, please enable Javascript and cookies in your browser global.. Largest ( disclosed ) transaction alternative asset manager of September 30, 2022 could be motive for to. Ad-Blocker enabled you may be blocked from proceeding and brand and maintain a alternative... 5:00 p.m., New York City time, on average acquirers paid ~7.3x EV/LTM EBITDA for similar companies! Will be a marketing period for the contemplated Notes that will take place once all conditions precedent to the Offer. Enabled you may be blocked from proceeding used but not defined herein shall have the same meaning ascribed them... Time, on average acquirers paid ~7.3x EV/LTM EBITDA for similar target companies Tenneco! Cash for each tenneco apollo merger of Tenneco ( $ TEN ) common stock owned no. Shall have the same meaning ascribed to them in the past are pleased have! A deal break has substantial downside for investors U.S.-held entities paper and plastic flexible packaging products 1958 and based!
Drake Concert Chicago, Kaaba Centre De La Terre, Articles T