- Tenneco announced that it has accepted a $20/share cash buyout offer from an affiliate of Apollo Global Management.
- With Cummins also acquiring Meritor, it seems that buyers are taking notice of the low valuations across the sector and stepping up.
- Companies with significant legacy exposure to ICE technology, including BorgWarner, Dana, and Valeo, could benefit from a reevaluation of their real ongoing value.
- Apollo's bid for Tenneco arguably doesn't give shareholders the full value of Tenneco's turnaround efforts, but a competing strategic bid doesn't seem particularly likely.
For further details see:
Tenneco's Difficult Journey Ends In A Buyout