Categories: Business

Tenneco, Atlas Air Worldwide inventory drop amid investor concern on Apollo offers

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Tenneco (NYSE:TEN) and Atlas Air Worldwide (NASDAQ:AAWW), each in offers to be acquired by non-public fairness agency Apollo World (NYSE:APO),fell amid investor concern on the offers in mild of present market volatility.

Tenneco (TEN), which agreed to a sale to Apollo for $20/share in late February, fell 2.1% as some traders could also be involved about financing/phrases of the deal, in line with merchants. The transfer within the auto elements provider comes after the shares gained 3.1% on Monday after Tenneco and Apollo filed with European antitrust regulators for the deal, which many M&A traders had been ready to occur.

On Thursday Bloomberg reported that banks are set to begin a $5.4 billion debt sale in mid-October to finance Apollo’s (APO) deliberate buy.

Atlas Air (AAWW), which agreed to be offered to Apollo and others for $5.2 billion final month, dropped 3%.

Some merchants attributed the weak spot in Atlas Air (AAWW) to some feedback on social media round chatter about firm’s contract with Amazon (AMZN).

Atlas Air (AAWW) and Apollo (APO) did not instantly reply to Looking for Alpha e mail requests for remark.

An Apollo (APO) government earlier this month advised Bloomberg that he would not anticipate banks to to begin financing debt for leveraged buyouts anytime quickly.

On Friday the Monetary Instances reported that Citigroup (C) is alleged to plan to chop again the quantity it lends to asset managers, together with non-public fairness corporations, amid new capital guidelines. Citi plans to chop its lending for what is named “subscription-line financing” to about $20 billion in coming months from about $65 billion.

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