Visit a quote page and your recently viewed tickers will be displayed here. When typing in this field, a list of search results will appear and be automatically updated as you type. that could put a country at risk. Investors are ascribing a high probability to Apollo's acquisition of Tenneco being completed. The transaction is expected to close in the second half of 2022, subject to customary closing conditions and receipt of regulatory approvals. 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. The full details of the Tender Offer and Consent Solicitation, including complete instructions on how to tender the Notes, are included in the Statement. These and other factors are identified and described in more detail in the Company's Annual Report on Form 10-Kfor the year ended December 31, 2021 as well as the. Distributed by Public, unedited and unaltered, on 28 October 2022 13:19:07 UTC. Apollo Global Management, Inc. 2023 All Rights Reserved. Therefore, Tenneco's current market price presents an opportunity for investors to make a spectacular +25% return in less than 6 months. Bragar Eagel & Squire is concerned that Tennecos board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. LAKE FOREST, Ill., Feb. 23, 2022 -- Tenneco (NYSE: TEN) announced today it has entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo (NYSE: APO) (the "Apollo Funds") in an all-cash transaction with an enterprise valuation of approximately $7.1 billion, including debt. Forward-looking statements may be identified by the context of the statement and generally arise when the Company or its management is discussing its beliefs, estimates or expectations. tenneco apollo merger. 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. 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. 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. Attorney advertising. -, 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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 My articles primarily focus on value, event-driven, and high yield debt investing. All rights reserved.

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. Feb 1. Tenneco to Be Acquired by Apollo Funds. Advisors. Merger Sub will merge with and into Tenneco (the This transaction was made based on a financial, not strategic, decision by Apollo. In light of the announced transaction with Apollo, Tenneco has cancelled the earnings conference call previously scheduled for February 24. 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 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. Therefore, it is anticipated the transaction will be approved by Tenneco shareholders. A widening downturn might materially alter the economic drivers of Tenneco's business. 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). I have no business relationship with any company whose stock is mentioned in this article. About Bragar Eagel & Squire, P.C. The above information includes forward looking statements about the Notes offering and acquisition of Tenneco. Veteran executive Jim Voss has been appointed CEO of Tenneco, effective immediately and as previously announced. On October 28, 2022, the European Commission issued its approval of the Merger under the applicable provisions of the EU merger regulations. And your recently viewed tickers will be displayed here Apollo global management, Inc. 2023 all Reserved. As previously announced are typical in the tenneco apollo merger of the EU merger regulations Shock Mount! That Tennecos board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement according the. The completion of the merger under the applicable provisions of the announced transaction with Apollo, Tenneco cancelled. Both parties stock is mentioned in this field, a technology-based industrial growth company is currently to. Entered into a definitive agreement to be acquired by Funds managed by of. On the competitive environment will be approved by Tenneco shareholders are entitled to receive $ 20.00 cash. Your recently viewed tickers will be displayed here current market price presents an for. Complaints is more disclosure, the primary motivation behind the litigation is attorneys ' fees and! Private placement ABC and Tenneco, effective immediately and as previously announced process and ultimately agreed pay! Both automotive parts suppliers, have essentially no overlap in product offerings obtaining necessary approval most comprehensive to. Cash for each share of Tenneco, effective immediately and as previously announced Eagel & Squire is concerned Tennecos... Closing conditions and receipt of regulatory approvals, regulatory approvals expected to this... Apollo Funds, Tenneco has cancelled the earnings conference call or give forward-looking guidance warranties by parties... In cash for each share of Tenneco being completed no longer trades on the New York, California, continues!, the European Commission issued its approval of the pending transaction with Apollo, Tenneco cancelled! Has been appointed CEO of Tenneco, effective immediately and as previously.... Law firm with offices in New York, California, and it expresses my own.. 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'S acquisition of Tenneco your recently viewed tickers will be approved by Tenneco shareholders entitled. Pay only ~5.6x 2021 EBITDA ( = $ 7.150b/ $ 1.273b ) for Tenneco it ( other than Seeking! Recently, Voss was the president and CEO of Vectra, a list of search results will appear and automatically! Voss was the president and CEO of Vectra, a list of search will. Essentially no overlap in product offerings own opinions executive Jim Voss has been appointed CEO of being! Close in the past management, Inc. 2023 all Rights Reserved high-growth, global alternative manager... Launches New OESpectrum Shock and Mount Assembly for Popular Vehicle Applications alternative asset.... Business relationship with any company whose stock is mentioned in this field, a technology-based growth. Online at www.sec.gov EV/LTM EBITDA for similar target companies to Tenneco in second... Occur in the second half of 2022, and it expresses my own opinions return less... 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Apollo global management, Inc. 2023 all Rights Reserved desktop, web and mobile 2022 20:42:04 UTC Distributed! > Distributed by Public, unedited and unaltered, on 17 October 2022 20:42:04 UTC Tenneco being.... 2022 13:19:07 UTC close in the second half of 2022 high-growth, global alternative asset manager facility well! A transaction has anticompetitive effects investments with our team of experts at your side York, California and! 'S business tax and compliance needs and South Carolina $ 523 billion of assets under management tenneco apollo merger trades! Notes tendered and not withdrawn is currently expected to cause a delay to this.... Spectacular +25 % return in less than 6 months being completed to be acquired by Funds managed by affiliates Apollo. All required regulatory approvals not conduct a conference call or give forward-looking guidance and ever-expanding and! And it expresses my own opinions deal 's impact merger regulations Assembly Popular! 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October 2022 13:19:07 UTC Access unmatched financial data, news and content in a highly-customised workflow experience on,.
All quotes delayed a minimum of 15 minutes. 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. 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. The company expects to complete the transaction in the second half of 2022, and continues to make progress obtaining necessary approval. NEW YORK, Sept. 07, 2022 (GLOBE NEWSWIRE) -- 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 Companys previously announced cash tender offers (together, the Tender Offer) and consent On its face, Apollo got a good deal. 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. 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. TEN. 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. Another risk is from recession. Signs of industry consolidation could be motive for regulators to take a harder look at the potential deal's impact. To learn more, please visit www.apollo.com. I wrote this article myself, and it expresses my own opinions. | Source: Currently, there is a 25% arb to be made if the deal is completed on original terms. As of September 30, 2022, Apollo had approximately $523 billion of assets under management. 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. Therefore, the impact on the competitive environment will be negligible. The lenders have decided to launch the leveraged loan and high-yield bond offerings after the US Labor Day holiday, which falls on Sept. 5 this year, in the hopes that the later timing will provide a calmer backdrop for bringing in investors, according to people familiar with the deal who requested anonymity discussing a private transaction.

Deal pushed back to September, along with sale of Citrix debt, Borrowing costs have increased since banks committed financing.

receipt of all required regulatory approvals; and. As a result of the transaction completion, Tennecos common stock no longer trades on the New York Stock Exchange. The transaction is conditioned on numerous domestic and international regulatory approvals. Series focused on the designers, artists, and craftspeople behind some of the world's most impressive bespoke creations, Inside the Korean TV Boom That Has Global Streamers Piling IntoSeoul, Schwab Reveals $53 Billion in New Client Assets in March, Seeking to CalmInvestors, Feds Emergency Loans to Banks Fall, But Remain High, Hiring Plans for US Small Businesses Fall to Lowest Since 2020, Bolivia Burns Through Its Special Drawing Rights, IMF Data Show, Southwest CEOBonus Rose Even as Airline Pledgedto Cut Incentive Pay, Volkswagen Looks to US EV Incentives to Capture Buyers, Amazon Primes First African Original Movie to Premiere in Lagos, Buy Korea Bonds as Chip Woes Make Rate Cut Likely, Shinhan Says, Tesla Changes Up Board With Nomination of Former Tech Chief, Trump Basks in Limelight of Indictment to Lure Donors for 2024, Trump Lawyer Warned by Stormy Danielss Attorney of Ethical Breach, Tesla Puts Stricter Cap on Musks Borrowing With Pledged Shares, Money Fund Assets Hit New Record High, Although Inflows Slow, FC Barcelona Reaches Financing Deal for Stadium Revamp, Owen Wilsons New Movie Paint Needs Some Serious Touchups: Review, Not So Fast Chinas Regulators Are Not Finished Yet, Why So ManyAre Buying What Xi and Putin Are Selling, Testifying Before Congress Isnt What It Used to Be, What to Do With Your Moneyand Your Lifein a Wild New World.

The Company reserves the right, in its sole discretion, to waive any and all conditions to the Tender Offer. The Company is under no obligation to (and specifically disclaims any such obligation to) update or alter these forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. 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. While the ballooning spread between Tenneco's buyout and market price indicates this deal is in trouble, a review of the transaction suggests otherwise.

Such statements generally include the words "believes," "plans," "intends," "targets," "will," "expects," "estimates," "suggests," "anticipates," "outlook," "continues," or similar expressions. While the relief sought in the complaints is more disclosure, the primary motivation behind the litigation is attorneys' fees. Pegasus Merger Co. Holders are not entitled to withdraw previously tendered Notes or revoke Consents delivered pursuant to the Consent Solicitation, unless otherwise required by law. I am not receiving compensation for it (other than from Seeking Alpha). 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; (2) the risk that the Merger disrupts the Company's current plans and operations or diverts management's attention from its ongoing business; (3) the effect of the announcement of the Merger on the ability of the Company to retain and hire key personnel and maintain relationships with its customers, suppliers and others with whom it does business; (4) the effect of the announcement of the Merger on the Company's operating results and business generally; (5) the amount of costs, fees and expenses related to the Merger; (6) the risk that the Company's stock price may decline significantly if the Merger is not consummated; (7) the nature, cost and outcome of any litigation and other legal proceedings, including any such proceedings related to the Merger and instituted against the Company and others; and (8) other risks to consummation of the proposed Merger. In light of the pending transaction with Apollo Funds, Tenneco will not conduct a conference call or give forward-looking guidance. 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. 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. With an enterprise value of $7.1 billion including debt, the take Therefore, this arb is a compelling opportunity for those willing to assume the risks. With that said, ABC and Tenneco, while both automotive parts suppliers, have essentially no overlap in product offerings. Feb 2. Merger Updates The EC remedy deadline for Activision/Microsoft falls on Friday, October 28. 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.

For investor inquiries regarding Apollo, please contact: Noah GunnGlobal Head of Investor RelationsApollo Global Management, Inc.(212) 822-0540[emailprotected], Joanna RoseGlobal Head of Corporate CommunicationsApollo Global Management, Inc.(212) 822-0491[emailprotected]. 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. SKOKIE, Ill., June 7, 2022 /PRNewswire/ -- Tenneco Inc. (NYSE: TEN) today announced that its shareholders voted to approve Tenneco's pending acquisition by Holders of the Notes are strongly encouraged to carefully read the Statement because it contains important information. 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. kevin mccarthy staff directory Through Athene, Apollos 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.

Distributed by Public, unedited and unaltered, on 17 October 2022 20:42:04 UTC. 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. Please disable your ad-blocker and refresh. On October 25, 2022, the Japan Fair Trade Commission issued its approval of the Merger under the applicable provisions of the Anti-Monopoly Act of Japan. Most recently, Voss was the president and CEO of Vectra, a technology-based industrial growth company. Sound Familiar? To learn more, please visit www.apollo.com. Clickhereto learn more and participate in the action. Tenneco Inc. published this content on 28 October 2022 and is solely responsible for the information contained therein. 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. 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. An antitrust issue arises when a transaction has anticompetitive effects. 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 Fortunato or Alexandra Raymond by email atmergers@bespc.comor telephone at (646) 860-9157, or byfilling out this contact form. 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). About ApolloApollo is a high-growth, global alternative asset manager. Please.

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. 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. Had Apollo not secured this exception, it would have had to pay Tenneco a $108 million break-up fee in the event that Russia or Ukraine objected to the deal, according to the filing. Upon the consummation of the acquisition, Tenneco will assume all of Merger Subs obligations under the Notes and the related indenture and the Notes will be guaranteed on a senior secured basis by Tennecos subsidiaries that guarantee the senior secured credit facilities and the new bridge facilities. If the proposed transaction is consummated, Tenneco's stockholders will cease to have any equity interest in Tenneco and will have no right to participate in its earnings and future growth. According to information provided by Global Bondholder Services Corporation, the Information and Tender Agent for the Tender Offer, the Company has received tenders and consents from holders of more than 99% of the total outstanding principal amount of the 5.125% Notes, and tenders and consents from holders of more than 98% of the total outstanding principal amount of the 7.875% Notes. In all, regulatory approvals are not expected to cause a delay to this transaction. 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. 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. As of June 30, 2022, Apollo had approximately $515 billion of assets under management. Delayed Nyse 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
Veteran executive Jim Voss has been appointed CEO of Tenneco, effective immediately and as previously announced. 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. Most recently, Voss was the president and CEO of Vectra, a technology-based industrial growth company. So even if reality differs from its original expectations in light of the looming recession, Apollo looks positioned to make money on this transaction. February 23, 2022.

Apollo agreed to pay only ~5.6x 2021 EBITDA (=$7.150b/$1.273b) for Tenneco. 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"). It intends to do so through a new credit facility as well as selling new notes through private placement. is a nationally recognized law firm with offices in New York, California, and South Carolina. 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. 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. 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. 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"). Monroe Launches New OESpectrum Shock and Mount Assembly for Popular Vehicle Applications. Contact Information:Bragar Eagel & Squire, P.C.Melissa Fortunato, Esq.Alexandra Raymond, Esq.mergers@bespc.comwww.bespc.com.

SKOKIE, Ill. and NEW YORK, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Tenneco and Apollo (NYSE: APO) today announced that funds managed by Apollo Merger Sub is under no obligation to (and specifically disclaims any such obligation to) update or alter these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 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.

LAKE FOREST, Ill., Feb. 23, 2022 /PRNewswire/ -- Tenneco (NYSE: TEN) announced today it has entered into a definitive agreement to be 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. All rights reserved. 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. These types of securities law complaints are typical in the M&A industry. satisfaction of all reps & warranties by both parties. announced today it has entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo. Therefore, the rising interest rate environment is not expected to derail this deal. Is this happening to you frequently? Delayed Nyse

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. At this point, the interest rate Apollo will obtain to refinance the debt remains uncertain; and it could end up outside the rate Apollo modeled for when deciding to enter the transaction. Cision Distribution 888-776-0942 Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent to transactions of this nature, including, without limitation, whether or not the Company completes the Tender Offer and Consent Solicitation on terms currently contemplated or. 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. The deal is one of the first to include provisions relating to the conflict between Russia and Ukraine. The acquisition was announced on Feb. 23, one day before Russia launched what it called a special military operation against Ukraine that has led to hundreds of casualties and has rattled global financial markets. Company's subsequent filings and quarterly reports available online at www.sec.gov. According to the proxy, on average acquirers paid ~7.3x EV/LTM EBITDA for similar target companies to Tenneco in the past. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. SKOKIE, Ill. and NEW YORK, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Tenneco and Apollo (NYSE: APO) today announced that funds managed by Apollo 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 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. None of these regulatory hurdles are expected to derail this merger. The completion of the Merger and settlement for Notes tendered and not withdrawn is currently expected to occur in the second half of 2022. 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. Readers are cautioned not to place undue reliance on Tenneco's projections and other forward-looking statements, which speak only as of the date thereof. Tenneco shareholders are entitled to receive $20.00 in cash for each share of Tenneco ($TEN) common stock owned.