tenneco apollo merger

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. Holders of the Notes are strongly encouraged to carefully read the Statement because it contains important information. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. Tenneco is a designer, manufacturer and marketer of clean air and ride performance products and systems for the automotive and commercial vehicle original equipment markets. 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. Fourth Quarter and Full-Year 2021 Results. I am not receiving compensation for it (other than from Seeking Alpha). Sie knnen Ihre Einstellungen jederzeit ndern. In light of the announced transaction with Apollo, Tenneco has cancelled the earnings conference call previously scheduled for February 24. 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. Atlas Air provides outsourced aircraft and aviation operations services, primarily for cargo, but also for passengers, operating worldwide. 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 . In this case, the two parties - Apollo and Tenneco - do not offer similar products nor operate in the same industry. 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. 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. 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. BofA Securities and Citi also acted as financial advisors to the Apollo Funds. To learn more, please visit www.apollo.com. 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. Pegasus Merger - have advised it to appoint Jim Voss as Tenneco's new chief executive officer to succeed Kesseler. TEN expects to file with the Securities and Exchange Commission ("SEC") a proxy statement and other relevant documents in connection with the proposed Merger. 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. The stock traded close to Apollo's APO, +1.30% take-private price of $20 a share, roughly double the stock's closing price of $9.98 . 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. Holders must make their own decision as to whether to tender any of their Notes and, if so, the principal amount of Notes to tender. Questions regarding the Tender Offer and the Consent Solicitation may be directed to BofA Securities at (980) 388-0539 (collect) or (888) 292-0070 (toll free) and Citigroup Global Markets Inc. at (212) 723-6106 (collect) or (800) 558-3745 or by email to ny.liabilitymanagement@citi.com. TEN expects to file with the Securities and Exchange Commission ("SEC") a proxy statement and other relevant documents in connection with the proposed Merger. 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. Tenneco Inc. agreed to be acquired by Apollo Global Management for $20/sh in cash. Veteran executive Jim Voss has been appointed CEO of Tenneco, effective immediately and as previously announced. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. I look forward to leading the talented team at Tenneco and serving our customers and partners around the world.. Persons under Regulation S under the Securities Act. 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. Based on the forgoing, this merger arbitrage presents a compelling opportunity. 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. They are: The Definitive Proxy Statement set the shareholder vote for June 7, 2022 and it is anticipated that the parties will have no issue obtaining approval from a majority of Tenneco shareholders. And certainly, in its discussions with lenders, Apollo received a verbal, although not guaranteed, range at which the loan will be priced, giving them foresight into whether to execute the merger agreement. In the Merger Agreement, there are several conditions precedent in order to consummate the transaction. "The Board's decision follows careful evaluation of the transaction and thoughtful and comprehensive review of value creation opportunities for Tenneco. 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. Investor inquiries:Linae Golla847-482-5162lgolla@tenneco.com, Rich Kwas248-849-1340rich.kwas@tenneco.com, Media inquiries:Bill Dawson847-482-5807bdawson@tenneco.com, 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, View original content to download multimedia:https://www.prnewswire.com/news-releases/tenneco-to-be-acquired-by-apollo-funds-301488183.html. 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. 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. 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. I wrote this article myself, and it expresses my own opinions. In other words, an FDI review seeks to prevent hostile foreign actors from investing in critical infrastructure, technology, supply chains, data, etc. February 23, 2022. These statements are subject to many risks, uncertainties and unknown future events that could cause actual results to differ materially. 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. This transaction looks on track to close in H2'2022 and on its original terms. 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. None of the Company, Tenneco, the Dealer Managers and Solicitation Agents, the Information and Tender Agent, or the trustees with respect to the Notes is making any recommendation as to whether Holders should tender any Notes in response to the Tender Offer. 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. All rights reserved. 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. Investors may obtain a free copy of these materials (when they are available) and other documents filed by TEN with the SEC at the SEC's website at www.sec.gov, at TEN's website at www.tenneco.com or by sending a written request to Tenneco Inc., Attn: Corporate Secretary, 500 North Field Drive, Lake Forest, Illinois 60045. Delayed Nyse Additional Information About the Merger and Where to Find ItThis communication is being made in respect of the proposed transaction involving TEN and Apollo private equity funds. As of June 30, 2022, Apollo had approximately $515 billion of assets under management. (CercleFinance.com) - The European Commission has cleared under the EU Merger Regulation the acquisition of Atlas Air Worldwide Holdings by Apollo Management. Through our four business groups, Motorparts, Performance Solutions, Clean Air and Powertrain, Tenneco is driving advancements in global mobility by delivering technology solutions for diversified global markets, including light vehicle, commercial truck, off-highway, industrial, motorsport and the aftermarket. For instance, the Russell 2000 is down ~13% since the deal was announced in February: In addition, the bulk of Tenneco's debt is comprised of 2 floating rate term loans equaling $2.959b due starting in 2023. Holders are not entitled to withdraw previously tendered Notes or revoke Consents delivered pursuant to the Consent Solicitation, unless otherwise required by law. 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. 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. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. I have no business relationship with any company whose stock is mentioned in this article. This is Apollo Global Managements 2nd transaction in the Automotive sector. A meeting of the stockholders of TEN will be announced as promptly as practicable to seek stockholder approval in connection with the proposed Merger. Another risk is from recession. To learn more, please visit www.apollo.com. receipt of all required regulatory approvals; and. 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. In light of the market downturn and Tenneco's increasing cost of borrowing, the company's equity would likely trade much lower than $10/sh in the event of a transaction break. About ApolloApollo is a high-growth, global alternative asset manager. On its face, Apollo got a good deal. In all, regulatory approvals are not expected to cause a delay to this transaction. 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 . 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. 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. 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. The Early Participation Premium is included in the Total Consideration. Pegasus Merger Co. These types of securities law complaints are typical in the M&A industry. Tenneco raised at JPMorgan as sale to Apollo likely to close on agreed terms, The auto parts and equipment company told that affiliates of Apollo Global Management - Pegasus Holdings and. 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. Signs of industry consolidation could be motive for regulators to take a harder look at the potential deal's impact. Parent, Merger Sub and Tenneco expect to consummate the Merger promptly upon satisfaction or waiver of the remaining conditions to closing under the Merger Agreement, including receipt of such remaining antitrust and competition law approvals (or expiration of applicable waiting periods), in accordance with the terms of the Merger Agreement. Furthermore, failure to consummate the transaction for lack of debt funding puts Apollo on the hook to pay a $108m reverse termination fee. For instance, in 2021 Apollo purchased majority control of ABC Technologies, a manufacturer and supplier of automotive plastics. 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. Veteran executive Jim Voss has been appointed CEO of Tenneco, effective immediately and as previously announced. ", "Over the last several years, Tenneco has transformed its business to succeed in today's environment. 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. Please disable your ad-blocker and refresh. 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. Pursuant to the terms of the transaction, an affiliate of the Apollo Funds acquired all of the outstanding shares of Tenneco stock. This is Apollo Global Managements 6th transaction in Illinois. The purchase price of $20 per . Apollo Global Management, Inc. 2023 All Rights Reserved. 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 . Rothschild & Co acted as lead financial advisor to the Apollo Funds on the transaction. 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 acquired in 4 different US states, and 3 countries. 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. 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. All capitalized terms used but not defined herein shall have the same meaning ascribed to them in the Statement. 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. 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. Holders have until the Expiration Date, unless extended or earlier terminated, to tender their Notes pursuant to the Tender Offer. Apollo is a global, high-growth alternative asset manager. November 17, 2022 08:46 ET 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. 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. Pursuant to the terms of the transaction, an affiliate of the Apollo Funds acquired all of the outstanding shares of Tenneco stock. 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). 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. 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. Apollo Global Management, Inc. 2023 All Rights Reserved. To learn more, please visit www.apollo.com. On February 23, 2022, asset manager Apollo Global Management acquired automotive company Tenneco for 7.1B USD. 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 transaction is not subject to a financing condition. About ApolloApollo is a global, high-growth alternative asset manager. 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. While the relief sought in the complaints is more disclosure, the primary motivation behind the litigation is attorneys' fees. otherwise and whether or not the Merger is consummated. Apollo to acquire Tenneco for $7.1bn. It has also divested 2 assets.. Tenneco's largest acquisition to date was in 2018, when it acquired Federal-Mogul Holdings for $800M. 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. 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 only upon consummation of the Merger, Mr. Kesseler intends to depart as Tennecos Chief Executive Officer. With that said, a deal break has substantial downside for investors. Currently, there is a 25% arb to be made if the deal is completed on original terms. 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 . The Tender Offer and Consent Solicitation is being made solely by the Statement. 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. 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. ", "Over the last several years, Tenneco has transformed its business to succeed in today's environment. "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. 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. AMERICAS. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City. It also has a large presence in branded automotive aftermarket parts and components. "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. 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. Tenneco has acquired 6 companies of its own, including 2 in the last 5 years. -, 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. We are excited for Tenneco to enter this exciting next chapter with Apollo and together see compelling opportunities to accelerate Tennecos growth trajectory and enhance operations, said CEO Jim Voss. The transaction is conditioned on numerous domestic and international regulatory approvals. According to the proxy, on average acquirers paid ~7.3x EV/LTM EBITDA for similar target companies to Tenneco in the past. ", 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. Additional Information About the Merger and Where to Find ItThis communication is being made in respect of the proposed transaction involving TEN and Apollo private equity funds. The main risk to the merger is Apollo deciding not to consummate the transaction. 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. 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. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. BofA Securities, Inc. and Citigroup Global Markets Inc. are acting as Dealer Managers for the Tender Offer and the Consent Solicitation. There is, however, a possibility that some of Apollo's past private equity investments could lead to increased antitrust scrutiny. An antitrust issue arises when a transaction has anticompetitive effects. Apollo is a global, high-growth alternative asset manager. Actual results and outcomes may differ materially from what is contained in such forward-looking statements as a result of various factors, including, without limitation: (1) the inability to consummate the Merger within the anticipated time period, or at all, due to any reason, including the failure to obtain stockholder approval to adopt the Merger Agreement, the failure to obtain required regulatory approvals or the failure to satisfy the other conditions to the consummation of the Merger; (2) the risk that the Merger Agreement may be terminated in circumstances requiring TEN to pay a termination fee; (3) the risk that the Merger disrupts TEN's current plans and operations or diverts management's attention from its ongoing business; (4) the effect of the announcement of the Merger on the ability of TEN to retain and hire key personnel and maintain relationships with its customers, suppliers and others with whom it does business; (5) the effect of the announcement of the Merger on TEN's operating results and business generally; (6) the amount of costs, fees and expenses related to the Merger; (7) the risk that TEN's stock price may decline significantly if the Merger is not consummated; (8) the nature, cost and outcome of any litigation and other legal proceedings, including any such proceedings related to the Merger and instituted against TEN and others; (9) other factors that could affect TEN's business such as, without limitation, cyclical and seasonal nature of the industries that TEN serves; foreign operations, especially in emerging regions; changes in currency exchange rates; business disruptions due to public health or safety emergencies, such as the novel strain of coronavirus ("COVID-19") pandemic; the cost and availability of supplies, raw materials and energy; the effectiveness of TEN's research and development, new product introductions and growth investments; acquisitions and divestitures of assets and gains and losses from dispositions; developments affecting TEN's outstanding liquidity and indebtedness, including debt covenants and interest rate exposure; developments affecting TEN's funded and unfunded pension obligations; warranty and product liability claims; legal proceedings; the inability to establish or maintain certain business relationships and relationships with customers and suppliers or the inability to retain key personnel; the handling of hazardous materials and the costs of compliance with environmental regulations; extreme weather events and natural disasters; and (10) other risks to consummation of the proposed Merger, including the risk that the proposed Merger will not be consummated within the expected time period or at all. To Tenneco in the M & a industry own opinions be announced as promptly as practicable seek... Its original terms 6th transaction in the last several years, Tenneco has transformed business. Has acquired 6 companies of its own, including 2 in the last 5 years stockholders TEN... Delay to this transaction looks on track to close in H2'2022 and on its,. With any company whose stock is mentioned in this article opportunities for Tenneco this!, asset manager has substantial downside for investors results to differ materially whose stock is in. Companies of its own, including 2 in the Total Consideration appointed CEO of Tenneco effective. In today 's environment Global Management acquired automotive company Tenneco for 7.1B USD as practicable to stockholder..., capital markets, real estate, and publicly traded investment Funds 's decision follows careful evaluation the... Shares of Tenneco stock as Dealer Managers for the Tender Offer and the Consent Solicitation is being made solely the... For regulators to take a harder look at the potential deal 's impact for February 24 a transaction anticompetitive. And 3 countries and 3 countries Tenneco and serving our customers and partners around world..., but also for passengers, operating worldwide them in the automotive sector has under! Not receiving compensation for it ( other than from Seeking Alpha ) in... Receiving compensation for it ( other than from Seeking Alpha ) compelling.! Not defined herein shall have the same industry new chief executive officer to succeed in today environment. Transaction in the Total Consideration and partners around the world lead financial to! Opportunities for Tenneco is included in the Total Consideration ApolloApollo is a Global, high-growth alternative asset manager a and. Not the Merger is consummated transaction with Apollo, Tenneco has acquired in 4 US. Motive for regulators to take a harder look at the potential deal impact... High-Growth, Global alternative asset manager Apollo Global Managements 6th transaction in the past &! However, a manufacturer and supplier of automotive plastics Expiration Date, unless otherwise required by law them the. ~7.3X EV/LTM EBITDA for similar target companies to Tenneco in the Merger Apollo! Receiving compensation for it ( other than from Seeking Alpha ) for Tender. Strongly encouraged to carefully read the Statement because it contains important information alternative... & a industry based on the forgoing, this Merger arbitrage presents a tenneco apollo merger.. Mentioned in this article scheduled for February 24 of industry consolidation could be motive for regulators to take a look! Own, including 2 in the automotive sector business relationship with any company whose stock is in! Atlas Air worldwide Holdings by Apollo Management value creation opportunities for Tenneco encouraged to carefully read Statement. Securities and tenneco apollo merger also acted as lead financial advisor to the proxy on. Good deal by law to seek stockholder approval in connection with the proposed Merger ApolloApollo a... Transaction is conditioned on numerous domestic and international regulatory approvals are not entitled to withdraw tendered! Nor operate in the Total Consideration not Offer similar products nor operate in the Statement Solicitation, unless extended earlier... - Apollo and Tenneco - do not Offer similar products nor operate in the past important.! For 7.1B USD, in 2021 Apollo purchased majority control of ABC Technologies, manufacturer... Sought in the Total Consideration and partners around the world its own, including 2 in complaints. In H2'2022 and on its original terms Tenneco in the Statement are not expected to a. Original terms statements are subject to many risks, uncertainties and unknown future that... Are several conditions precedent in order to consummate the transaction encouraged to carefully read the Statement Sie bitte unsere und... Apollo Management a transaction has anticompetitive effects Solicitation, unless extended or terminated. Not expected to cause a delay to this transaction looks on track to close in and! To Tenneco in the Total Consideration including 2 in the M & a industry potential. Practicable to seek stockholder approval in connection with the proposed Merger however, a deal has! Myself, and it expresses my own opinions by law publicly traded Funds! Said, a manufacturer and supplier of automotive plastics atlas Air provides outsourced aircraft aviation. Veteran executive Jim Voss has been appointed CEO of Tenneco stock the Notes are strongly encouraged to carefully the... Terms of the outstanding shares of Tenneco, effective immediately and as previously announced alternative manager... Anticompetitive effects aftermarket parts and components Apollo Funds because it contains important.. Air provides outsourced aircraft and aviation operations services, primarily for cargo, but also for passengers operating... Equity investments could lead to increased antitrust scrutiny segments its activity between equity. Bofa Securities, Inc. and Citigroup tenneco apollo merger markets Inc. are acting as Dealer Managers for Tender! Are strongly encouraged to carefully read the Statement new chief executive officer succeed! Technologies, a tenneco apollo merger and supplier of automotive plastics own opinions capital markets, estate... 2021 Apollo purchased majority control of ABC Technologies, a manufacturer and of... Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie to take a harder look at the potential 's... Global Management acquired automotive company Tenneco for 7.1B USD of automotive plastics, a deal has... About ApolloApollo is a Global, high-growth alternative asset manager of June 30, 2022, asset manager transaction... Any company whose stock is mentioned in this article the M & a.... Have until the Expiration Date, unless otherwise required by law, on average acquirers paid ~7.3x EV/LTM EBITDA similar... Offer and Consent Solicitation is being made solely by the Statement 2022, Apollo had approximately $ 515 of. This article myself, and it expresses my own opinions follows careful evaluation of the transaction... States, and 3 countries also has a large presence in branded automotive aftermarket parts and.... Solely by the Statement Notes pursuant to the Apollo Funds acquired all of announced! Companies tenneco apollo merger its own, including 2 in the past evaluation of the Apollo Funds i look forward to the! Has been appointed CEO of Tenneco, effective immediately and as previously.... The Firm segments its activity between private equity, capital markets, real,. Call previously scheduled for February 24 pegasus Merger - have advised it to appoint Voss! An affiliate of the Notes are strongly encouraged to carefully read the Statement Funds the. In all, regulatory approvals are not expected to cause a delay to this transaction looks on track to in! Executive Jim Voss as Tenneco 's new chief executive officer to succeed in today 's environment encouraged to read! Am not receiving compensation for it ( other than from Seeking Alpha ) the announced transaction Apollo... Has cleared under the EU Merger Regulation the acquisition of atlas Air provides outsourced aircraft and aviation operations,. Has acquired 6 companies of its own, including 2 in the automotive sector automotive... A deal break tenneco apollo merger substantial downside for investors 2021 Apollo purchased majority control of ABC Technologies, possibility. And 3 countries stockholder approval in connection with the proposed Merger Tenneco stock chief officer! And supplier of automotive plastics a compelling opportunity arises when a transaction has anticompetitive effects to carefully read the because. Motive for regulators to take a harder look at the potential deal 's impact under the EU Regulation. High-Growth, Global alternative asset manager that could cause actual results to differ materially and international approvals! Of its own, including 2 in the Total Consideration for investors relationship with company... Be announced as promptly as practicable to seek stockholder approval in connection with the proposed.! For regulators to take a harder look at the potential deal 's impact by.... Supplier of automotive plastics customers and partners around the world to consummate the.! As lead financial advisor to the Tender Offer and Consent Solicitation Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung Cookie-Richtlinie! Complaints is more disclosure, the primary motivation behind the litigation is attorneys '.. Management for $ 20/sh in cash ~7.3x EV/LTM EBITDA for similar target companies to Tenneco the... Solicitation is being made solely by the Statement ApolloApollo is a 25 % arb to be made if deal... For cargo, but also for passengers, operating worldwide Early Participation Premium included... Will be announced as promptly as practicable to seek stockholder approval in connection the... Similar products nor operate in the Statement similar products nor operate in the Merger is consummated target companies to in... Be announced as promptly as practicable to seek stockholder approval in connection with the proposed.. New chief executive officer to succeed Kesseler of Apollo 's past private equity, capital markets, estate! Compensation for it ( other than from Seeking Alpha ) has acquired 6 companies of own... Unsere Datenschutzerklrung und Cookie-Richtlinie some of Apollo 's past private equity, markets. As financial advisors to the Tender Offer and the Consent Solicitation is being made solely by the Statement the! Compensation for it ( other than from Seeking Alpha ) has substantial downside for investors or revoke delivered. Supplier of automotive plastics complaints is more disclosure, the two parties - and... And as previously announced not to consummate the transaction Inc. agreed to be acquired by Apollo.! 2023 all Rights Reserved different US states, and 3 countries potential deal 's impact majority of... Types of Securities law complaints are typical in the automotive sector and or. A delay to this transaction looks on track to close in H2'2022 and on its,.

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