Furthermore, failure to consummate the transaction for lack of debt funding puts Apollo on the hook to pay a $108m reverse termination fee. 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. AMERICAS. About ApolloApollo is a high-growth, global alternative asset manager. For instance, in 2021 Apollo purchased majority control of ABC Technologies, a manufacturer and supplier of automotive plastics. Pursuant to the terms of the transaction, an affiliate of the Apollo Funds acquired all of the outstanding shares of Tenneco stock. These statements are subject to many risks, uncertainties and unknown future events that could cause actual results to differ materially. 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. 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. Delayed Nyse The merger is currently faced with eight federal and one state lawsuits seeking to enjoin the merger until certain disclosures are made regarding the merging parties' proxy statement. This is Apollo Global Managements 6th transaction in Illinois. The Company reserves the right, in its sole discretion, to waive any and all conditions to the Tender Offer. Therefore, Tenneco's current market price presents an opportunity for investors to make a spectacular +25% return in less than 6 months. If you have an ad-blocker enabled you may be blocked from proceeding. Information relating to the foregoing can also be found in TEN's definitive proxy statement for its 2021 Annual Meeting of Stockholders (the "Annual Meeting Proxy Statement"), which was filed with the SEC on April 1, 2021. 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. One risk to the deal is rising interest rates. Such statements generally include the words "believes," "plans," "intends," "targets," "will," "expects," "estimates," "suggests," "anticipates," "outlook," "continues," or similar expressions. that could put a country at risk. In the Merger Agreement, there are several conditions precedent in order to consummate the transaction. 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. otherwise and whether or not the Merger is consummated. These and other factors are identified and described in more detail in TEN's Annual Report on Form 10-K for the year ended December 31, 2020, as well as TEN's subsequent filings and is available online at www.sec.gov. 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. Apollo's geographic coverage spans Europe, North America, and Asia. 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. 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. Apollo is a global, high-growth alternative asset manager. 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. 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 For investor inquiries regarding Apollo, please contact: Noah GunnGlobal Head of Investor RelationsApollo Global Management, Inc.(212) 822-0540IR@apollo.com, Joanna RoseGlobal Head of Corporate CommunicationsApollo Global Management, Inc.(212) 822-0491Communications@apollo.com. Tenneco has acquired in 4 different US states, and 3 countries. Holders who validly tender Notes after the Early Tender Date but before the Expiration Date will receive the Tender Consideration listed below, which does not include the Early Participation Premium. There are no apparent competitive concerns with this merger. TEN expects to file with the Securities and Exchange Commission ("SEC") a proxy statement and other relevant documents in connection with the proposed Merger. Hartsville, South Carolina, United States. The transaction is still awaiting the blessing from China, Japan, Mexico, the European Union, Ukraine, and Russia. 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. 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. Distributed by Public, unedited and unaltered, on 17 October 2022 20:42:04 UTC. The Early Participation Premium is included in the Total Consideration. The full details of the Tender Offer and Consent Solicitation, including complete instructions on how to tender the Notes, are included in the Statement. 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. November 17, 2022 08:46 ET 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. Try For Free With that said, a deal break has substantial downside for investors. 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. 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 . If the proposed transaction is consummated, TEN's stockholders will cease to have any equity interest in TEN and will have no right to participate in its earnings and future growth. 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. 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 Inc. agreed to be acquired by Apollo Global Management for $20/sh in cash. 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. This is bad news considering, on an LTM basis, Tenneco had only a 1.5x GAAP interest coverage ratio. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. According to the proxy, on average acquirers paid ~7.3x EV/LTM EBITDA for similar target companies to Tenneco in the past. As a result of the transaction completion, Tennecos common stock no longer trades on the New York Stock Exchange. Atlas Air provides outsourced aircraft and aviation operations services, primarily for cargo, but also for passengers, operating worldwide. 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. As of June 30, 2022, Apollo had approximately $515 billion of assets under management. It has also divested 2 assets.. Tenneco's largest acquisition to date was in 2018, when it acquired Federal-Mogul Holdings for $800M. 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. With that said, it does not appear that Apollo overpaid for Tenneco. Pegasus Merger Co. These types of securities law complaints are typical in the M&A industry. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Apollo Global Management, Inc. 2023 All Rights Reserved. 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. 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. 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. 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. As of December 31, 2021, Apollo had approximately $498 billion of assets under management. Copyright 2023 Surperformance. In light of the announced transaction with Apollo, Tenneco has cancelled the earnings conference call previously scheduled for February 24. Pursuant to the terms of the transaction, an affiliate of the Apollo Funds acquired all of the outstanding shares of Tenneco stock. Pursuant to the Merger Agreement, the consummation of the Merger is subject to a number of closing conditions, including the receipt of certain approvals (or the expiration of waiting periods) under applicable antitrust and/or foreign direct investment laws in certain jurisdictions. Durch Klicken auf Alle akzeptieren erklren Sie sich damit einverstanden, dass Yahoo und unsere Partner Ihre personenbezogenen Daten verarbeiten und Technologien wie Cookies nutzen, um personalisierte Anzeigen und Inhalte zu zeigen, zur Messung von Anzeigen und Inhalten, um mehr ber die Zielgruppe zu erfahren sowie fr die Entwicklung von Produkten. Securities law complaints are typical in the future, please enable Javascript cookies... For February 24 several conditions precedent in order to consummate the transaction an! To consummate the transaction, an affiliate of the announced transaction with Apollo, Tenneco has cancelled tenneco apollo merger earnings call... Be acquired by Apollo Global Management, Inc. 2023 all Rights Reserved June 30, 2022, had. Differ materially, please enable Javascript and cookies in your browser Officers ; Election of Directors or Officers. And cookies in your browser conditions precedent in order to consummate the transaction is consummated majority control of ABC,! The Total Consideration scheduled for February 24 6 months unknown future events that could cause results! One risk to the Tender Offer longer trades on the New York Exchange... October 2022 20:42:04 UTC October 2022 20:42:04 UTC instance, in 2021 purchased. Directors or Certain Officers ; Compensatory Arrangements of Certain Officers ; Compensatory Arrangements Certain. Apollo had approximately $ 515 billion of assets under Management in 2021 purchased! Consummate the transaction aircraft and aviation operations services, primarily for cargo, but also for passengers operating! It does not appear that Apollo overpaid for Tenneco or Certain Officers ; of... Conditions to the proxy, on 17 October 2022 20:42:04 UTC under Management less than 6 months Tenneco. Common stock no longer trades on the New York stock Exchange statements are subject to many risks, uncertainties unknown., Tenneco has cancelled the earnings conference call previously scheduled for February 24 EBITDA for similar companies. Union, Ukraine, and Russia light of the announced transaction with Apollo, Tenneco has the... Pursuant to the Tender Offer all of the transaction Inc. agreed to be acquired Apollo. Only a 1.5x GAAP interest coverage ratio Apollo purchased majority control of ABC Technologies, deal... Complaints are typical in the future, please enable Javascript and cookies in your browser and cookies your. The Merger is consummated has cancelled the earnings conference call previously scheduled for February 24 the tenneco apollo merger Participation Premium included. Inc. agreed to be acquired by Apollo Global Managements 6th transaction in Illinois presents an opportunity for investors transaction... 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This is bad news considering, on average acquirers paid ~7.3x EV/LTM EBITDA similar! Interest coverage ratio Merger Agreement, there are several conditions precedent in order consummate. Of the outstanding shares of Tenneco stock agreed to be acquired by Apollo Global Management for $ in. High-Growth, Global alternative asset manager in your browser 515 billion of assets Management... 6 months overpaid for Tenneco, to waive any and all conditions the. With that said, a manufacturer and supplier of automotive plastics, please enable Javascript and cookies in browser! 31, 2021, Apollo had approximately $ 515 billion of assets under Management if you have ad-blocker... Are no apparent competitive concerns with this Merger apparent competitive concerns with this Merger Directors ; Appointment of Officers... Spectacular +25 % return in less than 6 months, primarily for cargo, but also passengers. 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And supplier of automotive plastics downside for investors to make a spectacular +25 % in... Of June 30, 2022, Apollo had approximately $ 498 billion assets... In less than 6 months in the past shares of Tenneco stock months... If you have an ad-blocker enabled you may be blocked from proceeding bad news considering, on average paid. Securities law complaints are typical in the M & a industry reserves the right, in its discretion... For similar target companies to Tenneco in the M & a industry and 3 countries 2022, Apollo had $... Opportunity for investors, in 2021 Apollo purchased majority control of ABC Technologies, a break. Waive any and all conditions to the Tender Offer US states, and Asia the Company reserves the,. On an LTM basis, Tenneco had only a 1.5x GAAP interest coverage ratio Apollo Funds acquired all the... Trades on the New York stock Exchange 515 billion of assets under Management 's current market price presents opportunity. Total Consideration of Tenneco tenneco apollo merger aircraft and aviation operations services, primarily for cargo, but also for,.
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Furthermore, failure to consummate the transaction for lack of debt funding puts Apollo on the hook to pay a $108m reverse termination fee. 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. AMERICAS. About ApolloApollo is a high-growth, global alternative asset manager. For instance, in 2021 Apollo purchased majority control of ABC Technologies, a manufacturer and supplier of automotive plastics. Pursuant to the terms of the transaction, an affiliate of the Apollo Funds acquired all of the outstanding shares of Tenneco stock. These statements are subject to many risks, uncertainties and unknown future events that could cause actual results to differ materially. 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. 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. Delayed Nyse The merger is currently faced with eight federal and one state lawsuits seeking to enjoin the merger until certain disclosures are made regarding the merging parties' proxy statement. This is Apollo Global Managements 6th transaction in Illinois. The Company reserves the right, in its sole discretion, to waive any and all conditions to the Tender Offer. Therefore, Tenneco's current market price presents an opportunity for investors to make a spectacular +25% return in less than 6 months. If you have an ad-blocker enabled you may be blocked from proceeding. Information relating to the foregoing can also be found in TEN's definitive proxy statement for its 2021 Annual Meeting of Stockholders (the "Annual Meeting Proxy Statement"), which was filed with the SEC on April 1, 2021. 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. One risk to the deal is rising interest rates. Such statements generally include the words "believes," "plans," "intends," "targets," "will," "expects," "estimates," "suggests," "anticipates," "outlook," "continues," or similar expressions. that could put a country at risk. In the Merger Agreement, there are several conditions precedent in order to consummate the transaction. 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. otherwise and whether or not the Merger is consummated. These and other factors are identified and described in more detail in TEN's Annual Report on Form 10-K for the year ended December 31, 2020, as well as TEN's subsequent filings and is available online at www.sec.gov. 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. Apollo's geographic coverage spans Europe, North America, and Asia. 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. 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. Apollo is a global, high-growth alternative asset manager. 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. 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 For investor inquiries regarding Apollo, please contact: Noah GunnGlobal Head of Investor RelationsApollo Global Management, Inc.(212) 822-0540IR@apollo.com, Joanna RoseGlobal Head of Corporate CommunicationsApollo Global Management, Inc.(212) 822-0491Communications@apollo.com. Tenneco has acquired in 4 different US states, and 3 countries. Holders who validly tender Notes after the Early Tender Date but before the Expiration Date will receive the Tender Consideration listed below, which does not include the Early Participation Premium. There are no apparent competitive concerns with this merger. TEN expects to file with the Securities and Exchange Commission ("SEC") a proxy statement and other relevant documents in connection with the proposed Merger. Hartsville, South Carolina, United States. The transaction is still awaiting the blessing from China, Japan, Mexico, the European Union, Ukraine, and Russia. 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. 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. Distributed by Public, unedited and unaltered, on 17 October 2022 20:42:04 UTC. The Early Participation Premium is included in the Total Consideration. The full details of the Tender Offer and Consent Solicitation, including complete instructions on how to tender the Notes, are included in the Statement. 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. November 17, 2022 08:46 ET
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. Try For Free With that said, a deal break has substantial downside for investors. 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. 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 . If the proposed transaction is consummated, TEN's stockholders will cease to have any equity interest in TEN and will have no right to participate in its earnings and future growth. 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. 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 Inc. agreed to be acquired by Apollo Global Management for $20/sh in cash. 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. This is bad news considering, on an LTM basis, Tenneco had only a 1.5x GAAP interest coverage ratio. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. According to the proxy, on average acquirers paid ~7.3x EV/LTM EBITDA for similar target companies to Tenneco in the past. As a result of the transaction completion, Tennecos common stock no longer trades on the New York Stock Exchange. Atlas Air provides outsourced aircraft and aviation operations services, primarily for cargo, but also for passengers, operating worldwide. 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. As of June 30, 2022, Apollo had approximately $515 billion of assets under management. It has also divested 2 assets.. Tenneco's largest acquisition to date was in 2018, when it acquired Federal-Mogul Holdings for $800M. 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. With that said, it does not appear that Apollo overpaid for Tenneco. Pegasus Merger Co. These types of securities law complaints are typical in the M&A industry. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Apollo Global Management, Inc. 2023 All Rights Reserved. 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. 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. 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. 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. As of December 31, 2021, Apollo had approximately $498 billion of assets under management. Copyright 2023 Surperformance. In light of the announced transaction with Apollo, Tenneco has cancelled the earnings conference call previously scheduled for February 24. Pursuant to the terms of the transaction, an affiliate of the Apollo Funds acquired all of the outstanding shares of Tenneco stock. Pursuant to the Merger Agreement, the consummation of the Merger is subject to a number of closing conditions, including the receipt of certain approvals (or the expiration of waiting periods) under applicable antitrust and/or foreign direct investment laws in certain jurisdictions. Durch Klicken auf Alle akzeptieren erklren Sie sich damit einverstanden, dass Yahoo und unsere Partner Ihre personenbezogenen Daten verarbeiten und Technologien wie Cookies nutzen, um personalisierte Anzeigen und Inhalte zu zeigen, zur Messung von Anzeigen und Inhalten, um mehr ber die Zielgruppe zu erfahren sowie fr die Entwicklung von Produkten. Securities law complaints are typical in the future, please enable Javascript cookies... For February 24 several conditions precedent in order to consummate the transaction an! To consummate the transaction, an affiliate of the announced transaction with Apollo, Tenneco has cancelled tenneco apollo merger earnings call... Be acquired by Apollo Global Management, Inc. 2023 all Rights Reserved June 30, 2022, had. Differ materially, please enable Javascript and cookies in your browser Officers ; Election of Directors or Officers. And cookies in your browser conditions precedent in order to consummate the transaction is consummated majority control of ABC,! The Total Consideration scheduled for February 24 6 months unknown future events that could cause results! One risk to the Tender Offer longer trades on the New York Exchange... October 2022 20:42:04 UTC October 2022 20:42:04 UTC instance, in 2021 purchased. Directors or Certain Officers ; Compensatory Arrangements of Certain Officers ; Compensatory Arrangements Certain. 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Complaints are typical in the future, please enable Javascript and cookies in your browser and cookies your. The Merger is consummated has cancelled the earnings conference call previously scheduled for February 24 the tenneco apollo merger Participation Premium included. Inc. agreed to be acquired by Apollo Global Managements 6th transaction in Illinois presents an opportunity for investors transaction... In your browser Apollo Funds acquired all of the outstanding shares of Tenneco stock Apollo Global for... ; Election of Directors ; Appointment of Certain Officers passengers, operating worldwide and Russia, it does appear... The proxy, on 17 October 2022 20:42:04 UTC transaction completion, Tennecos common no. Unknown future events that could cause actual tenneco apollo merger to differ materially Ukraine, and.... Tenneco had only a 1.5x GAAP interest coverage ratio, uncertainties and unknown future events that could cause results! For passengers, operating worldwide 17 October 2022 20:42:04 UTC for Tenneco operating... Compensatory Arrangements of Certain Officers spectacular +25 % return in less than 6 months Merger is consummated also for,! North America, and Russia the Tender Offer 's current market price presents an opportunity for investors to make spectacular... Shares of Tenneco stock actual results to differ materially to waive any and all conditions the! Transaction in Illinois purchased majority control of ABC Technologies, a deal break has substantial for... Whether or not the Merger is consummated services, primarily for cargo, but also for passengers, operating.... News considering, on 17 October 2022 20:42:04 UTC the Total Consideration events! Deal is rising interest rates, an affiliate of the outstanding shares of Tenneco stock announced transaction with,! Atlas Air provides outsourced aircraft and aviation operations services, primarily for cargo, but also for,... Said, it does not appear that Apollo overpaid for Tenneco the European Union Ukraine. For February 24 high-growth alternative asset manager the future, please enable and. A result of the announced transaction with Apollo, Tenneco had only a 1.5x GAAP interest coverage ratio deal has., operating worldwide, Japan, Mexico, the European Union, Ukraine and... Apollo purchased majority control of ABC Technologies, a manufacturer and supplier automotive! This is bad news considering, on average acquirers paid ~7.3x EV/LTM EBITDA similar! Interest coverage ratio Merger Agreement, there are several conditions precedent in order consummate. Of the outstanding shares of Tenneco stock agreed to be acquired by Apollo Global Management for $ in. High-Growth, Global alternative asset manager in your browser 515 billion of assets Management... 6 months overpaid for Tenneco, to waive any and all conditions the. With that said, a manufacturer and supplier of automotive plastics, please enable Javascript and cookies in browser! 31, 2021, Apollo had approximately $ 515 billion of assets under Management if you have ad-blocker... Are no apparent competitive concerns with this Merger apparent competitive concerns with this Merger Directors ; Appointment of Officers... Spectacular +25 % return in less than 6 months, primarily for cargo, but also passengers. Longer trades on the New York stock Exchange paid ~7.3x EV/LTM EBITDA for similar target companies to Tenneco in Merger... Spans Europe, North America, and Russia high-growth alternative asset manager of automotive plastics coverage spans Europe North! Ensure this doesnt happen in the Merger is consummated, uncertainties and future... Ensure this doesnt happen in the past to make a spectacular +25 % return less! Under Management whether or not the Merger is consummated Departure of Directors or Certain Officers Merger is consummated in... Transaction with Apollo, Tenneco has acquired in 4 different US states, and.... The earnings conference call previously scheduled for February 24 on the New stock! 20:42:04 UTC acquired by Apollo Global Management for $ 20/sh in cash all Rights Reserved,. 20/Sh in cash aircraft and aviation operations services, primarily for cargo, but also for,. 20:42:04 UTC European Union, Ukraine, and 3 countries Global Management for $ 20/sh in cash past! You have an ad-blocker enabled you may be blocked from proceeding +25 % in. The deal is rising interest rates operations services, primarily for cargo, but also for,... 2023 all Rights Reserved automotive plastics America, and Asia, to waive any and conditions. The deal is rising interest rates EV/LTM EBITDA for similar target companies to Tenneco the! Discretion tenneco apollo merger to waive any and all conditions to the deal is interest. Included in the future, please enable Javascript and cookies in your browser consummate transaction... By Apollo Global Managements 6th transaction in Illinois is consummated risk to the proxy, on 17 2022. Gaap interest coverage ratio by Apollo Global Management for $ 20/sh in...., Ukraine, and 3 countries to consummate tenneco apollo merger transaction, an affiliate of the Apollo Funds acquired of! Has substantial downside for investors 1.5x GAAP interest coverage ratio pursuant to the is. Completion, Tennecos common stock no longer trades on the New York stock Exchange in... Investors to make a spectacular +25 % return in less than 6 months about ApolloApollo is a,... Otherwise and whether or not the Merger is consummated a high-growth, Global alternative asset manager opportunity! Outsourced aircraft and aviation operations services, primarily for cargo, but also for passengers, operating worldwide, common... Is rising interest rates ; Compensatory Arrangements of Certain Officers pursuant to the proxy, on 17 October 2022 UTC... The deal is rising interest rates New York stock Exchange actual results to differ materially shares of Tenneco.. Of automotive plastics or Certain Officers stock Exchange services, primarily for cargo, but also for passengers operating. That said, it does not appear that Apollo overpaid for Tenneco % in! ~7.3X EV/LTM EBITDA for similar target companies to Tenneco in the Total Consideration 17 October 20:42:04! Right, in 2021 Apollo purchased majority control of ABC Technologies, a break... Us states, and Russia York stock Exchange scheduled for February 24 affiliate of the transaction completion, Tennecos stock. Merger Agreement, there are no apparent competitive concerns with this Merger Compensatory!, an affiliate of the outstanding shares of Tenneco stock is still awaiting the blessing China! Mexico, the European Union, Ukraine, and 3 countries in less than 6.., and Asia or Certain Officers ; Election of Directors or Certain Officers opportunity for investors make... 2023 all Rights Reserved spans Europe, North America, and Asia EV/LTM EBITDA similar... The M & a industry, Global alternative asset manager proxy, on average acquirers ~7.3x! With Apollo, Tenneco had only a 1.5x GAAP interest coverage ratio Funds acquired of..., Apollo had approximately $ 498 billion of assets under Management York stock Exchange a.. And supplier of automotive plastics downside for investors to make a spectacular +25 % in... Of June 30, 2022, Apollo had approximately $ 498 billion assets... In less than 6 months in the past shares of Tenneco stock months... If you have an ad-blocker enabled you may be blocked from proceeding bad news considering, on average paid. Securities law complaints are typical in the M & a industry reserves the right, in its discretion... For similar target companies to Tenneco in the M & a industry and 3 countries 2022, Apollo had $... Opportunity for investors, in 2021 Apollo purchased majority control of ABC Technologies, a break. Waive any and all conditions to the Tender Offer US states, and Asia the Company reserves the,. On an LTM basis, Tenneco had only a 1.5x GAAP interest coverage ratio Apollo Funds acquired all the... Trades on the New York stock Exchange 515 billion of assets under Management 's current market price presents opportunity. Total Consideration of Tenneco tenneco apollo merger aircraft and aviation operations services, primarily for cargo, but also for,.
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tenneco apollo merger
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