LAKE FOREST, Ill.—Tenneco Inc. is going private.
The Lake Forest-based auto parts maker said Feb. 23 that it had agreed to an acquisition by private equity firm Apollo Global Management Inc. in an all-cash transaction with an enterprise value of $7.1 billion, including debt.
The purchase price ($20 per share), Tenneco said, represents a 100.4-percent premium over the Feb. 22 closing share price of $9.98. It also represents a 71.6-percent premium over the Tenneco's unaffected 90-day VWAP. By 1:30 p.m. EST on Feb. 23, Tenneco's stock already had risen $9.30 a share, to $19.28.