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. 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. In light of the announced transaction with Apollo, Tenneco has cancelled the earnings conference call previously scheduled for February 24. 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. Please disable your ad-blocker and refresh. Cision Distribution 888-776-0942 Tenneco shares hovered around $19.23 on Monday, very close to the $20 per share deal price. In light of the announced transaction with Apollo, Tenneco has cancelled the earnings conference call previously scheduled for February 24. Apollo, a manager of alternative assets such as private equity and corporate credit, can unilaterally remove Russia and Ukraine from the list of required jurisdictions that must clear the deal with Tenneco, the filing shows. Russia contributed $100 million to the $15.4 billion annual revenue the company posted in 2020, and Tenneco does not own hard assets in Ukraine, according to a source familiar with the matter. Tenneco Inc. agreed to be acquired by Apollo Global Management for $20/sh in cash. 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. Apollo Global Management, Inc. Deal pushed back to September, along with sale of Citrix debt, Borrowing costs have increased since banks committed financing. 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. APO. Clickhereto learn more and participate in the action. 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. 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. Jim Voss Appointed Chief Executive Officer of Tenneco. The completion of the Merger and settlement for Notes tendered and not withdrawn is currently expected to occur in the second half of 2022. articles a month for anyone to read, even non-subscribers! 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. Feb 1. 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 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. 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. The main risk to the merger is Apollo deciding not to consummate the transaction. 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. 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. 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. 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. 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. 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. 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. SKOKIE, Ill., June 7, 2022 /PRNewswire/ -- Tenneco Inc. (NYSE: TEN) today announced that its shareholders voted to approve Tenneco's pending acquisition by As a result of the transaction completion, Tennecos common stock no longer trades on the New York Stock Exchange. This is bad news considering, on an LTM basis, Tenneco had only a 1.5x GAAP interest coverage ratio. is a nationally recognized law firm with offices in New York, California, and South Carolina. 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. 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. Holders of the Notes are strongly encouraged to carefully read the Statement because it contains important information. 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. Visit a quote page and your recently viewed tickers will be displayed here. Except as required by applicable law, Tenneco 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. These statements are not historical facts or guarantees of future performance but instead represent only the beliefs of Tenneco 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 Tenneco's control. 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. I am not receiving compensation for it (other than from Seeking Alpha). 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