Why Tenneco Stock Almost Doubled Today

Shares of auto parts manufacturer Tenneco (NYSE: TEN) exploded higher on Wednesday, up 94% as of 11 a.m. ET after the company reported an unexpected net loss for its fiscal fourth quarter 2021.  

The loss wasn't the reason why Tenneco stock went up, of course. The reason for that was Apollo Global Management (NYSE: APO).

This morning, you see, the private equity giant Apollo Global announced that it will acquire Tenneco and take it private in a $7.1 billion, all-cash transaction.  

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Source Fool.com