Company: APO
Filing Date: 2025-05-12
Form Type: S-4/A
Source: 0001193125-25-117912
Chunk: 83

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-12
Form: S-4/A
Chunk 83
---
. Representatives of Lazard provided the special committee with updates on discussions with Bidder B, Bidder E and Apollo. Representatives of Lazard noted that Bidder B had conveyed it would no longer be
participating in the transaction process as it did not believe it could submit a proposal at a purchase price above Bridge’s then-

46

current stock price. Representatives of Lazard noted that Bidder E had engaged a financial advisor but was unlikely to put forward a meaningful proposal. Representatives of Lazard noted that
Apollo had conveyed that it was working on its proposal but expected it would seek an extension of the bid deadline in the near future. The special committee discussed the recent financial performance of Bridge and determined that Lazard should
request that Bridge’s management team revise and update the financial projections previously prepared in April 2024 to take into account more recent performance and the challenges facing the real estate sector and the asset management industry
in general. Following the special committee’s discussion, at the direction of the special committee, Lazard requested Bridge’s management update the financial projections.

On August 9, 2024, in connection with the second round bid process, Bridge received a letter of intent and
non-binding term sheet from Apollo regarding a potential transaction with Bridge, which transaction would be structured as a
stock-for-stock transaction involving the acquisition of 60% of the issued and outstanding equity interests of Bridge and a price per share of Bridge Class A common
stock of $9.25 per share, with the remaining 40% of equity interests retained by certain members of Bridge’s management team (the “August Proposal”). The closing price per share of Bridge Class A common stock on this day was
$7.57.

On August 10, 2024, Mr. Morse had a telephone conversation with Mr. Sambur to discuss certain clarifications to the
August Proposal.

On August 12, 2024, the special committee held a meeting with representatives of Cravath and Lazard.
Representatives of Lazard reviewed and discussed with the special committee (a) the term sheet received from Apollo, (b) its preliminary perspectives on the August Proposal and (c) the year-to-date financial results of Bridge as compared to the financial projections previously prepared in April 2024. The special committee discussed the forecasts that Bridge’s management previously
produced and the considerations with respect to which forecasts Lazard should use in any analysis of Bridge. The special committee discussed with representatives of Lazard and Cravath strategies to shorten