Tenneco surges as Apollo Global to acquire co at 100% premium

Tsakos Energy Navigation

23/02/2022 12:34

** Shares of auto parts-maker  TEN.N  surge 90.5% to $19.01
premarket on news it will be acquired by Apollo Global
Management  APO.N  for $20 per share in cash
    ** Per deal, firm has an enterprise valuation of about $7.1
bln, including debt  urn:newsml:reuters.com:*:nL4N2UY2Q9
    ** Apollo's offer represents a 100.4% premium to TEN's
Tuesday closing price of $9.98
     ** Transaction is approved by Tenneco board, and is
expected to close in H2 2022
    ** "This partnership will allow us to continue to invest in
and grow Tenneco's multiple segments and global footprint" -
Tenneco CEO 

 (Reporting by Yuvraj Malik)
 ((yuvraj.malik@thomsonreuters.com))