Company: APO
Filing Date: 2025-04-11
Form Type: S-4
Source: 0001193125-25-079161
Chunk: 79

Company: Apollo Global Management, Inc.
Filing Date: 2025-04-11
Form: S-4
Chunk 79
---
 Bridge’s management.
Representatives of Lazard discussed with the special committee the current status of discussions with Bidder E, and the special committee agreed to direct Mr. Morse to schedule a meeting with Bidder E to explore their interest in a potential
transaction further. The special committee discussed Bridge’s financial results for the second quarter of 2024 and their potential impact on the ongoing process. Finally, representatives of Lazard shared that Lazard and Cravath were working
with J.P. Morgan to draft a second round process letter to be shared with potential counterparties and recommended setting a short deadline for a final proposal in order to maintain competitive tension among the remaining potential counterparties.

On July 3, 2024, a Bridge Board meeting was held and, among other matters, the Bridge Board discussed the status of ongoing
discussions with various potential counterparties. In light of the progress made with various bidders, the Bridge Board, on the recommendation of the special committee, determined it was appropriate for Latham and Cravath to begin drafting a
definitive merger agreement to be shared with Apollo and other potential counterparties for their review and markup as part of the second round of the bid process.

45

On July 3, 2024, on behalf of the special committee, representatives of Lazard and J.P.
Morgan circulated second round process letters to Apollo and Bidder B, which included a deadline of July 31, 2024 for a definitive proposal. The second round process letter sent to Apollo additionally included a request for a markup of the
draft merger agreement by July 31, 2024. Given the preliminary nature of Bidder B’s proposal on May 28, 2024, the second round process letter sent to Bidder B included a request for a term sheet outlining the structure and key terms
for its proposed transaction by July 31, 2024.

On July 8, 2024, the special committee held a meeting with representatives of
Cravath and Lazard. At the meeting, Mr. Leat reported to the special committee that, following the July 2, 2024 call with Apollo, Mr. Morse had conveyed to Mr. Leat that Bridge’s management team would like to propose
retaining approximately 40% of the total equity interest in Bridge in order to move forward with the May 2024 Proposal. Representatives of Cravath discussed with the special committee the equity retention proposed by Bridge’s management,
including the potential impact on