I look forward to leading the talented team at Tenneco and serving our customers and partners around the world.. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, TENNECO AGAIN NAMED AS ONE OF ETHISPHERE'S 2023 WORLD'S MOST ETHICAL COMPANIES, hlins Racing Joins NASCAR Competition Partner Program. According to the proxy, on average acquirers paid ~7.3x EV/LTM EBITDA for similar target companies to Tenneco in the past. 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. 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. Feb 28 (Reuters) - Apollo Global Management Inc (APO.N) negotiated a carve-out earlier this month in its agreement to acquire auto parts maker Tenneco Inc (TEN.N) for $7.1 billion, including debt, that allows it to sidestep regulatory approval from Russia and Ukraine, a regulatory filing shows. Analyst recommendations: Nike, Albermarle, Diageo, Reckitt Benck.. Deutsche Bank Adjusts Tenneco's Price Target to $20 From $18, Maintains Hold Rating, Cover Page Interactive Data File (embedded within the Inline XBRL document), Executive Vice President and General Counsel, Chief Information Officer & Senior Vice President. Readers are cautioned not to place undue reliance on the Company's projections and other forward-looking statements, which speak only as of the date thereof. The Chainsmokers Are Dancing Through the Silicon Valley Downturn, Biden Wants to Prevent Total Bans on Transgender Student Athletes, Startup Pushing Equity in Banking Accused of Discrimination, Biden Is Set to Propose Toughest-Ever Rules on Car Pollution to Spur EVs, Palm Oil Cultivation Is Destroying Forests. 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. As of September 30, 2022, Apollo had approximately $523 billion of assets under management. This Current Report on Form 8-Kcontains "forward-looking statements," within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. As a result of the transaction completion, Tennecos common stock no longer trades on the New York Stock Exchange. Such statements generally include the words "believes," "plans," "intends," "targets," "will," "expects," "estimates," "suggests," "anticipates," "outlook," "continues," or similar expressions. Facebook Twitter Instagram Pinterest. 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. If the Federal Reserve continues its cadence of rate hikes for the balance of the year, Tenneco's term loans will get very expensive in a hurry. Additionally, Apollo is getting Tenneco at a very attractive multiple, so it's unlikely they will baulk at the transaction.
Date of Report (Date of earliest event reported): October 28, 2022 (October 25, 2022), (Exact Name of Registrant as Specified in Charter), Registrant's telephone number, including area code: (847)482-5000. 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. TEN.
Long-time Board member Jane L. Warner announced her retirement and was recognized for the many contributions made during her 18 years of service. February 23, 2022 - 7:00 am. Check the appropriate box below if the Form 8-Kfiling is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425), Soliciting material pursuant to Rule 14a-12under the Exchange Act (17 CFR 240.14a-12), Pre-commencementcommunications pursuant to Rule 14d-2(b)under the Exchange Act (17 CFR 240.14d-2(b)), Pre-commencementcommunications pursuant to Rule 13e-4(c)under the Exchange Act (17 CFR 240.13e-4(c)). articles a month for anyone to read, even non-subscribers! In light of the announced transaction with Apollo, Tenneco has cancelled the earnings conference call previously scheduled for February 24. 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. Such statements only reflect the Company's best assessment at this time and are indicated by words or phrases such as "plans," "intends," "will" or similar words or phrases. 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. Apollo Global Management Inc. said Wednesday it agreed to pay a roughly 100% premium to buy Tenneco Inc., sending shares of the clean air and powertrain kevin mccarthy staff directory A club of banks led by Citigroup Inc. and Bank of America Corp. has postponed the $5.4 billion buyout financing that was meant to launch this month to help fund Apollo Global Management Inc.s acquisition of Tenneco Inc. Holders of the Notes are strongly encouraged to carefully read the Statement because it contains important information. Webangus council phone number montrose. 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. 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. These statements are subject to many risks, uncertainties and unknown future events that could cause actual results to differ materially. Therefore, the impact on the competitive environment will be negligible. It intends to do so through a new credit facility as well as selling new notes through private placement. Apollo Global Management, Inc. (NYSE: APO), 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). 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. Feb 1. Tenneco Shareholders to Receive $20.00 Per Share in Cash, Representing 100.4% Premium. receipt of all required regulatory approvals; and. No offer, solicitation or purchase will be made in any jurisdiction in which such an offer, solicitation or purchase would be unlawful. To learn more, please visit www.apollo.com. SKOKIE, Ill., June 7, 2022 /PRNewswire/ --Tenneco Inc. (NYSE: TEN) today announced that its shareholders voted to approve Tenneco's pending acquisition by affiliates of Apollo Global Management, Inc. at Tenneco's annual meeting of shareholders held earlier today. For more information about the firm, please visit www.bespc.com. Veteran executive Jim Voss has been appointed CEO of Tenneco, effective immediately and as previously announced. Tenneco traded below $10/sh leading up to the merger announcement and, since then, the equity market has weakened significantly. 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"). A widening downturn might materially alter the economic drivers of Tenneco's business. A typical example is when two companies in the same industry providing the same or similar service/product merge. tenneco apollo merger. Holders are not entitled to withdraw previously tendered Notes or revoke Consents delivered pursuant to the Consent Solicitation, unless otherwise required by law. Distributed by Public, unedited and unaltered, on 17 October 2022 20:42:04 UTC. 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. The deal is one of the first to include provisions relating to the conflict between Russia and Ukraine. paul ellis/Agence France-Presse/Getty Images. Tenneco Inc. agreed to be acquired by Apollo Global Management for $20/sh in cash. 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. tenneco apollo merger. 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. NEW YORK, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the officers or directors of Tenneco Inc. (NYSE: TEN) breached their fiduciary duties or violated the federal securities laws in connection with the companys acquisition by affiliates of Apollo Global Management, Inc. (NYSE: APO). Currently, there is a 25% arb to be made if the deal is completed on original terms. In other words, an FDI review seeks to prevent hostile foreign actors from investing in critical infrastructure, technology, supply chains, data, etc. To learn more, please visit www.apollo.com. 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. 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. Based on the forgoing, this merger arbitrage presents a compelling opportunity. Editing by Matthew Lewis, Unstable markets drag Canadian M&A, debt issuance to four-year low, Dominion Energy, National Grid pursuing pipeline sales - WSJ, Exclusive: Buyout firm EnCap eyes nearly $3 bln of Permian asset sales -sources, UBS CEO tells Credit Suisse staff to stay focused on clients and the business, United will cut some New York-area, D.C. flights after US waiver, Southwest Airlines CEO receives higher bonus despite holiday meltdown, Some people living near Colombian volcano loathe to evacuate, Borrowing from key Fed lending facilities cools a bit in latest week, Jes Staley attacks JPMorgan, demands separate trial over Jeffrey Epstein. 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. All capitalized terms used but not defined herein shall have the same meaning ascribed to them in the Statement. This transaction looks on track to close in H2'2022 and on its original terms. LAKE FOREST, Ill., Feb. 23, 2022 /PRNewswire/ -- Tenneco. Apollo Global Management Inc. said Wednesday it agreed to pay a roughly 100% premium to buy Tenneco Inc., sending shares of the clean air and powertrain system manufacturer up sharply. As previously announced, on February 22, 2022, Tenneco Inc., a Delaware corporation ("Tenneco" or the "Company"), entered into an Agreement and Plan of Merger (the "Merger Agreement"), by and among Tenneco, Pegasus Holdings III, LLC, a Delaware limited liability company ("Parent"), and Pegasus Merger Co., a Delaware corporation and wholly owned subsidiary of Parent ("Merger Sub"), pursuant to which among other things, and subject to the terms and conditions set forth therein, Merger Sub will be merged with and into Tenneco, with Tenneco surviving as a wholly owned subsidiary of Parent (the "Merger").
United Airlines said Thursday it will reduce summer flights at three New York and Washington area airports after the Federal Aviation Administration allowed carriers to do so due to an air traffic controller shortage. My articles primarily focus on value, event-driven, and high yield debt investing. NEW YORK, Oct. 31, 2022 (GLOBE NEWSWIRE) -- Pegasus Merger Co. (Merger Sub), which is owned by certain investment funds managed by affiliates of 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. Subject to the satisfaction of the remaining conditions to closing, Parent, Merger Sub and Tenneco expect to consummate the Merger in mid-November, 2022, promptly after the completion of certain debt financing activities by Parent and its debt financing sources that are contemplated by the Merger Agreement. 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. February 23, 2022 16:23 ET
Is this happening to you frequently? 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. Our Standards: The Thomson Reuters Trust Principles. 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.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Apollo Global Management, Inc.'s (APO) $7.1b acquisition of Tenneco Inc. (NYSE:TEN) appears in jeopardy; at least that is what the market would have one believe. The transaction is still awaiting the blessing from China, Japan, Mexico, the European Union, Ukraine, and Russia. This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor will there be any sale of the Notes in any state in which such offer, solicitation or sale would be unlawful. LAKE FOREST, Ill., Feb. 23, 2022 /PRNewswire/ -- Tenneco (NYSE: TEN) announced today it has entered into a definitive agreement to be Pegasus Merger Co. 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. Apollo Global Management, Inc.
Apollo negotiated Russia, Ukraine carve-out in $7.1 billion Te Apollo agreed to assume all of Tenneco's debt. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. 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. Secure and increase the performance of your investments with our team of experts at your side. As of September 30, 2022, Apollo had approximately $523 billion of assets under management. satisfaction of all reps & warranties by both parties. Theres No Easy Fix, Virginia Takes Novel Approach to Preserving Historic Green Book Locations, Texas State Bill TargetsLocal Tenant Protections Against Eviction, Chicagos Transit Chief Says Crime Is Hurting Ridership Rebound, Scaramuccis SkyBridge Capital Was Spiraling, and Then Came FTX, Sunaks Crypto Plans Are Hit by Reluctant UK Banks. On November 14, 2022, Pegasus Merger Co. ("Merger Sub"), an affiliate of certain investment funds managed by affiliates of Apollo Global Management, Inc., announced that it has amended the terms of its previously announced cash tender offers (together, the "Tender Offer") and consent solicitations (together, the "Consent Tenneco Inc. agreed to be acquired by Apollo Global Management for $20/sh in cash. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Jim Voss Appointed Chief Executive Officer of Tenneco. For more than three decades, Apollos 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Please. 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. LAKE FOREST, Ill., Feb. 23, 2022 /PRNewswire/ -- Tenneco (NYSE: TEN) announced today it has entered into a definitive agreement to be acquired by funds Most recently, Voss was the president and CEO of Vectra, a technology-based industrial growth company. With that said, it does not appear that Apollo overpaid for Tenneco. To learn more, please visit www.apollo.com . :Bragar Eagel & Squire, P.C. 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 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 The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. November 17, 2022 08:46 ET
Company's subsequent filings and quarterly reports available online at www.sec.gov.
The Notes will not be registered under the Securities Act of 1933, as amended (the Securities Act) or any state securities laws and may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. 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. Tenneco : As previously announced, on February 22, 2022, Tenneco Inc., a Delaware corporation (Tenneco or the Company), entered into an Agreement and BofA Securities, Inc. and Citigroup Global Markets Inc. are acting as Dealer Managers for the Tender Offer and the Consent Solicitation. 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. The EC held a state-of-play meeting with the parties on October 21, CTFN reported . This is bad news considering, on an LTM basis, Tenneco had only a 1.5x GAAP interest coverage ratio. Apollo Global Management, Inc. 2023 All Rights Reserved. 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. In light of the pending transaction with Apollo Funds, Tenneco will not conduct a conference call or give forward-looking guidance. Contact Information:Bragar Eagel & Squire, P.C.Melissa Fortunato, Esq.Alexandra Raymond, Esq.mergers@bespc.comwww.bespc.com. 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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. Such statements only reflect the Company's best assessment at this time and are indicated by words or phrases such as "plans," "intends," "will" or similar words or phrases. 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. Apollo Global Management Inc. said Wednesday it agreed to pay a roughly 100% premium to buy Tenneco Inc., sending shares of the clean air and powertrain kevin mccarthy staff directory A club of banks led by Citigroup Inc. and Bank of America Corp. has postponed the $5.4 billion buyout financing that was meant to launch this month to help fund Apollo Global Management Inc.s acquisition of Tenneco Inc. 