Company: APO
Filing Date: 2025-04-11
Form Type: S-4
Source: 0001193125-25-079161
Chunk: 128

Company: Apollo Global Management, Inc.
Filing Date: 2025-04-11
Form: S-4
Chunk 128
---
 |

77

Lazard then calculated a range of implied equity values per share of Bridge Class A common stock by adding (i) the NPV of the FCF, plus(ii) the Value of the TRA Tax Savings, plus(iii) other assets and other investments on Bridge’s September 30, 2024 balance sheet, valued at 0.95x NAV, plus(iv) the Terminal Value. The discounted cash flow analysis indicated an implied equity value per share reference range of $8.73 – $10.93, as compared to (i) the closing price per share of Bridge Class A common stock of $8.07 as of February 20, 2025 and (ii) the implied merger consideration of $11.50 per share of Bridge Class A common stock. Other Factors Lazard noted for the special committee certain additional factors solely for reference and informational purposes, including the following: Precedent Transaction Analysis Lazard reviewed and, to the extent publicly available, compared the purchase prices and financial multiples paid in selected precedent transactions with deal values of $500 million and above since 2017 involving publicly traded U.S. alternative asset managers. The price per distributable earnings, or P/DE, in the next unreported fiscal year for each transaction resulted in financial multiples ranging from 7.3x – 14.2x. Lazard selected a range of 10.0x – 14.0x P/DE multiples for the next unreported fiscal year. Lazard applied the selected range to forecasted FY25E DE reflected in the Bridge Management Projections and included the SBC Tax Benefit to calculate a range of values per share of Bridge Class A common stock. The following table summarizes the results of this calculation:

|            |     | Selected Multiple Range |               |     | Implied Price per Share of Bridge 
 Class A Common Stock              |               |
|:-----------|:----|:------------------------|:--------------|:----|:----------------------------------|:--------------|
| FY25E P/DE |     |                         | 10.0x – 14.0x |     | $                                 | 7.26 – $10.13 |

However, based on Lazard’s experience with merger and acquisition transactions, Lazard determined that there were not sufficient comparable business combinations for a precedent transactions analysis to be meaningful for purposes of its opinion. Analyst Price Targets Lazard summarized analyst views and recommendations on Bridge and reviewed, as of February 20, 2025