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Private-equity firm pays roughly double Tenneco's closing share price in a deal that values the clean air and powertrain system manufacturer at $7.1 billion.

Tenneco (TEN) delivered earnings and revenue surprises of -168.75% and 4.84%, respectively, for the quarter ended December 2021. Do the numbers hold clues to what lies ahead for the stock?

Automotive parts maker Tenneco is being taken private by funds managed by affiliates of private equity firm Apollo in an all-cash deal valued at about $7.1 billion. The

Apollo Funds will pay Tenneco shareholders $20 a share in an all-cash transaction, representing a 100.4% premium to Tenneco''s closing price on Tuesday.

Automotive parts maker Tenneco is being taken private by funds managed by affiliates of private equity firm Apollo in an all-cash deal valued at about $7.1 billion

Is market sentiment reversing again?

Tenneco press release (TEN): Q4 Non-GAAP EPS of -$0.11 misses by $0.34.Revenue of $4.39B (-5.6% Y/Y) beats by $210M.Shares +93% PM.In a separate press release, the company

Tenneco (TEN) said it struck a deal to be acquired by funds managed by affiliates of Apollo Management (APO) for $20.00 per share. Read more.

Apollo Global Management Inc. said Wednesday it agreed to buy Tenneco Inc. for $20 a share, a 100.4% premium over the stock''s closing price of $9.98 a share on Tuesday. The deal values Lake Forest Ill.-based Tenneco at about $7.1 billion, including debt. The manufacturer of clean air, powertrain and ride performance products and systems said the deal will maximize shareholder value. Apollo partner Michael Reiss is leading the transaction for the private equity firm. Shares of Tenneco rallied 90.3% in premarket trades. Not counting Wednesday''s moves, the stock was down 11.7% so far in 2022, compared to a drop of 9.7% by the S&P 500. Apollo shares are down 12.7% this year. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Apollo Global Management Inc. undefined said Wednesday it agreed to buy Tenneco Inc. undefined for $20 a share, a 100.4% premium over the stock''s closing

LAKE FOREST, Ill., Feb. 23, 2022 /PRNewswire/ -- Tenneco (NYSE: TEN) today announced results for the fourth quarter and full year ended December 31, 2021. Full year 2021 results include: Total revenue of $18.0 billion, up 17% year-over-year. Full year value-add revenue was $13.7 billion,

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 debt. The purchase price of $20.00 per share represents a 100.4% premium over the Company''s closing share price of $9.98 on February 22, 2022 and a 71.6% premium over the Company''s unaffected 90-day VWAP. Upon completion of the transaction, Tenneco''s shares will no longer trade on the New York Stock Exchange, and Tenneco will become a private company. Tenneco will continue to operate under the Tenneco name and brand and maintain a global presence. "We are pleased to have reached this agreement with Apollo, which we believe will deliver immediate and certain cash value to Tenneco shareholders at a substantial premium," said Dennis Letham , Chairman of the Board of Tenneco. "The Board''s decision follows careful evaluation of the transaction and thoughtful and comprehensive review of value creation opportunities for Tenneco.

Tenneco suffered a surprise loss, but Apollo will buy it anyway.

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