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. While the relief sought in the complaints is more disclosure, the primary motivation behind the litigation is attorneys' fees. Tenneco shareholders are entitled to receive $20.00 in cash for each share of Tenneco ($TEN) common stock owned. As of June 30, 2022, Apollo had approximately $515 billion of assets under management. Analyst recommendations: Nike, Albermarle, Diageo, Reckitt Benck.. Deutsche Bank Adjusts Tenneco's Price Target to $20 From $18, Maintains Hold Rating, Chief Information Officer & Senior Vice President. Please disable your ad-blocker and refresh. Apollo Global Management, Inc. Copyright 2023 Surperformance. There will be a marketing period for the contemplated notes that will take place once all conditions precedent to the merger are satisfied. 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. 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. AI Is Moving Fast Enough to Break Things. Jim Voss Appointed Chief Executive Officer of Tenneco.

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. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Tennecos stockholders. Therefore, Tenneco's current market price presents an opportunity for investors to make a spectacular +25% return in less than 6 months. APO.

announced today it has entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo.

Contact Information:Bragar Eagel & Squire, P.C.Melissa Fortunato, Esq.Alexandra Raymond, Esq.mergers@bespc.comwww.bespc.com. The Company reserves the right, in its sole discretion, to waive any and all conditions to the Tender Offer. 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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. We are excited for Tenneco to enter this exciting next chapter with Apollo and together see compelling opportunities to accelerate Tennecos growth trajectory and enhance operations, said CEO Jim Voss. Apollo Global Management, Inc. SKOKIE, Ill. and NEW YORK, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Tenneco and Apollo (NYSE: APO) today announced that funds managed by Apollo affiliates (the Apollo Funds) have completed the previously announced acquisition of Tenneco, a leading designer, manufacturer and marketer of automotive products for OEM and aftermarket customers. The transaction is conditioned on numerous domestic and international regulatory approvals. WebFeb 8. 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. On February 23, 2022, Tenneco announced that it had entered into an agreement to be acquired by Apollo in a deal worth approximately $7.1 billion. Such statements only reflect Merger Subs best assessment at this time and are indicated by words or phrases such as plans, intends, will or similar words or phrases. satisfaction of all reps & warranties by both parties. The deal is one of the first to include provisions relating to the conflict between Russia and Ukraine. About Bragar Eagel & Squire, P.C. Apollo is a global, high-growth alternative asset manager. Investors are ascribing a high probability to Apollo's acquisition of Tenneco being completed. Monroe Releases New Part Numbers in February, Including New Monroe OESpectrum Shock and Mount Assembly, Quick-Strut Assemblies, Conversion Kit for Vehicles with Factory-Equipped Magnetic Ride Control, and More. I have a background in managing a small family portfolio as well as military and government service. that could put a country at risk. Furthermore, failure to consummate the transaction for lack of debt funding puts Apollo on the hook to pay a $108m reverse termination fee. The industry leader for online information for tax, accounting and finance professionals. Furthermore, Tenneco stock has not traded above the buyout price for nearly 3 years, and the $20/sh buyout price represents a 100% and 85% premium over the day and month, respectively, before the merger was made public: So, it is no surprise there has been essentially no pushback to the buyout. kevin mccarthy staff directory 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 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 Tenneco to pay a termination fee; (3) the risk that the Merger disrupts Tenneco'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 Tenneco 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 Tenneco's operating results and business generally; (6) the amount of costs, fees and expenses related to the Merger; (7) the risk that Tenneco'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 Tenneco and others; (9) other factors that could affect Tenneco's business such as, without limitation, cyclical and seasonal nature of the industries that Tenneco 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 Tenneco's research and development, new product introductions and growth investments; acquisitions and divestitures of assets and gains and losses from dispositions; developments affecting Tenneco's outstanding liquidity and indebtedness, including debt covenants and interest rate exposure; developments affecting Tenneco'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. 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

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. Apollo agreed to assume all of Tenneco's debt. All conditions to closing under the Merger Agreement with respect to antitrust and/or foreign direct investment laws have been satisfied or waived in accordance with the terms and conditions of the Merger Agreement. In this case, the two parties - Apollo and Tenneco - do not offer similar products nor operate in the same industry. The EC held a state-of-play meeting with the parties on October 21, CTFN reported . Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Exclusive news, data and analytics for financial market professionals, Reporting by Krystal Hu in Beijing

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)). Long-time Board member Jane L. Warner announced her retirement and was recognized for the many contributions made during her 18 years of service. 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. LAKE FOREST, Ill., Feb. 23, 2022 /PRNewswire/ -- Tenneco (NYSE: TEN) announced today it has entered into a definitive agreement to be If you have an ad-blocker enabled you may be blocked from proceeding. Tenneco ( TEN) said it struck a deal to be acquired by funds managed by affiliates of Apollo Management (NYSE: APO) for $20.00 per share. Bloomberg Best features the best stories of the day from Bloomberg Radio, Bloomberg Television, and 120 countries around the world. Therefore, the impact on the competitive environment will be negligible. 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. :Bragar Eagel & Squire, P.C. 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. The stock traded close to Apollos APO take-private price of $20 a share, roughly double the stocks closing price of $9.98 a share on Tuesday.

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 The final voting results on the proposals voted on at the annual meeting will be set forth in a Form8-Kfiled by Tenneco with the U.S. Securities and Exchange Commission. To learn more, please visit www.apollo.com. 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. BofA Securities, Inc. and Citigroup Global Markets Inc. are acting as Dealer Managers for the Tender Offer and the Consent Solicitation. According to the proxy, on average acquirers paid ~7.3x EV/LTM EBITDA for similar target companies to Tenneco in the past. Banks Delay $5.4 Billion Buyout Financing to Apollo ($APO) for Tenneco ($TEN) - Bloomberg Markets Banks Delay $5.4 Billion Buyout Financing to Apollo for I wrote this article myself, and it expresses my own opinions. 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 All quotes delayed a minimum of 15 minutes. While the ballooning spread between Tenneco's buyout and market price Requests for documents relating to the Tender Offer and the Consent Solicitation may be directed to Global Bondholder Services Corporation, the Information and Tender Agent, at (866) 654-2015 or (212) 430-3774 (Banks and Brokers). It might do this for several reasons including, but not limited to, the impact rising interest rates and recession will have on the economics of its purchase. Securities registered pursuant to Section 12(b) of the Securities Act: Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2of the Securities Exchange Act of 1934 (240.12b-2of this chapter). | Source: Investors and others should note that Tenneco routinely posts important information on its website and considers the Investor section,www.investors.tenneco.com, a channel of distribution. In light of the announced transaction with Apollo, Tenneco has cancelled the earnings conference call previously scheduled for February 24. WebTenneco is one of the worlds 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. Therefore, the rising interest rate environment is not expected to derail this deal. Sound Familiar? The above information includes forward looking statements about the Notes offering and acquisition of Tenneco.

Pursuant to the terms of the transaction, an affiliate of the Apollo Funds acquired all of the outstanding shares of Tenneco stock. The merger simply replaces one foreign actor for another; with both actors being U.S.-held entities. 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. LAKE FOREST, Ill., Feb. 23, 2022 /PRNewswire/ -- Tenneco. 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. Copyright 2023 Surperformance. Post author: Post published: April 6, 2023; Post category:

There is, however, a possibility that some of Apollo's past private equity investments could lead to increased antitrust scrutiny. Tenneco shares hovered around $19.23 on Monday, very close to the $20 per share deal price. Except as required by applicable law, the Company undertakes no obligation to update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. New York, NY, October 17, 2022- Pegasus Merger Co. (the "Company"), an affiliate of certain investment funds managed by affiliates of Apollo Global Management, Inc., announced today that it has amended the terms of the Company's previously announced cash tender offers (together, the "Tender Offer") and consent solicitations (together, the "Consent Solicitation") to purchase any and all of Tenneco Inc.'s ("Tenneco") outstanding 5.125% Senior Secured Notes due 2029 (the "5.125% Notes") and 7.875% Senior Secured Notes due 2029 (the "7.875% Notes" and together with the 5.125% Notes, the "Notes") to extend the expiration date from 5:00 p.m., New York City time, on October 17, 2022 to 5:00 p.m., New York City Time, on October 31, 2022 (as so extended, and as may be further extended, the "Expiration Date"). TEN. My articles primarily focus on value, event-driven, and high yield debt investing. 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"). Reelection of Directors, Ratification of Auditors also Approved at 2022 Annual Shareholder Meeting.

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Investors to make a spectacular +25 % return in less than 6 months cancelled earnings... > to ensure this doesnt happen in the complaints is more disclosure, firm.

Shareholders also voted to reelect all director nominees and approved the appointment of PricewaterhouseCoopers LLP as the Company's independent auditor for 2022 and, in an advisory vote, the Company's executive compensation. Home > Uncategorized > tenneco apollo merger. In the Merger Agreement, there are several conditions precedent in order to consummate the transaction. Through Athene, Apollo's retirement services business, it specializes in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Most are antitrust-related but two focus on foreign investment.

On October 28, 2022, the European Commission issued its approval of the Merger under the applicable provisions of the EU merger regulations. November 17, 2022 08:46 ET receipt of all required regulatory approvals; and. 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. -, Class A Voting Common Stock, par value $0.01 per share, 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. Feb 1. With that said, a deal break has substantial downside for investors. 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. Veteran executive Jim Voss has been appointed CEO of Tenneco, effective immediately and as previously announced. Bonds backing Tenneco Inc. soared this morning on news that the automotive-components maker has agreed to be bought by affiliates of Apollo Global Management Inc. for $20 per share in cash a roughly 100% premium to Tuesday's closing price of $9.98 per share. 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. In other words, an FDI review seeks to prevent hostile foreign actors from investing in critical infrastructure, technology, supply chains, data, etc. 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. Secure and increase the performance of your investments with our team of experts at your side.

Safe Harbor for Forward-Looking StatementsThis announcement contains "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995.

The parties have already set a date for the shareholder vote to approve the merger, submitted all regulatory filings and notifications to relevant authorities, and received debt and equity commitments in order to finance the transaction. The 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. The completion of the Merger and settlement for Notes tendered and not withdrawn is currently expected to occur in the second half of 2022. In addition, the Company is not providing financial guidance for 2022 as a result of the pending transaction. 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. 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. There is no cost or obligation to you. 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

When typing in this field, a list of search results will appear and be automatically updated as you type. In this case, Tenneco Inc, parent of the numerous operating subsidiaries at work in Spain and Australia, is already considered a foreign actor. NEW YORK, Oct. 31, 2022 (GLOBE NEWSWIRE) -- Pegasus Merger Co. (Merger Sub), which is owned by certain investment funds managed by affiliates of Apollo Global Management, Inc., today announced that, in connection the proposed acquisition of Tenneco Inc. (Tenneco), it intends to offer $1.0 billion in aggregate principal amount of senior secured notes due 2028 (the Notes) in a private offering. The net proceeds from the Notes offering, together with borrowings under new senior secured credit facilities and new bridge facilities, and an equity contribution, will be used to finance the acquisition of Tenneco, repay or retire substantially all of Tennecos existing debt and pay fees and expenses in connection with the transactions. Bragar Eagel & Squire is concerned that Tennecos board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. Persons under Regulation S under the Securities Act. Attorney advertising. Webangus council phone number montrose. SKOKIE, Ill. and NEW YORK, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Tenneco and Apollo (NYSE: APO) today announced that funds managed by Apollo The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Apollo and its private equity affiliates will pay $20 a share, almost twice Tennecos Feb. 22 closing price, the companies said in a statement Wednesday.

Currently, there is a 25% arb to be made if the deal is completed on original terms. Apollo negotiated Russia, Ukraine carve-out in $7.1 billion Te

To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Forward-looking statements may be identified by the context of the statement and generally arise when Tenneco or its management is discussing its beliefs, estimates or expectations. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. LAKE FOREST, Ill., Feb. 23, 2022 /PRNewswire/ -- Tenneco (NYSE: TEN) announced today it has entered into a definitive agreement to be acquired by funds Tenneco Shareholders to Receive $20.00 Per Share in Cash, Representing 100.4% Premium. 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. 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.

Tenneco : As previously announced, on February 22, 2022, Tenneco Inc., a Delaware corporation (Tenneco or the Company), entered into an Agreement and Distributed by Public, unedited and unaltered, on 28 October 2022 13:19:07 UTC. The Company intends to further extend the Expiration Date, without extending the July 12, 2022 Withdrawal Deadline (unless required by law), to have the Settlement Date coincide with the closing of the Merger.

These statements are not historical facts or guarantees of future performance but instead represent only the beliefs of the Company 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 the Company's control. Additionally, Apollo is getting Tenneco at a very attractive multiple, so it's unlikely they will baulk at the transaction. 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. For instance, in 2021 Apollo purchased majority control of ABC Technologies, a manufacturer and supplier of automotive plastics. This transaction was made based on a financial, not strategic, decision by Apollo. 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. Merger Sub will merge with and into Tenneco (the 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. | Source: The transaction is also subject to review by Spain and Australia relating to foreign direct investment ("FDI") in their respective countries. SKOKIE, Ill., June 7, 2022 /PRNewswire/ -- Tenneco Inc. (NYSE: TEN) today announced that its shareholders voted to approve Tenneco's pending acquisition by On its face, Apollo got a good deal. Cision Distribution 888-776-0942 Tenneco TEN stock jumped 96% to $19.53 in premarket trading. Advisors. 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.

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. To learn more, please visit www.apollo.com.

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