Company: APO
Filing Date: 2025-05-12
Form Type: S-4/A
Source: 0001193125-25-117912
Chunk: 88

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-12
Form: S-4/A
Chunk 88
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 and non-binding term sheet from Bidder H
regarding a potential transaction with Bridge, involving the acquisition of 100% of the issued and outstanding equity interests of Bridge, including a proposed cash purchase price of: (i) $10.00 per share of Bridge Class A common stock based on
the public float (excluding restricted stock held by employees); and (ii) $6.00-$7.00 per share of the remaining outstanding equity interests of Bridge with an additional
$3.00-$4.00 per share of such interests constituting deferred consideration to be paid over the course of three to four years based on agreed performance thresholds (the “Bidder H proposal”). The
closing price per share of Bridge Class A common stock on December 9, 2024 was $9.42.

On December 10, 2024,the
special committee held a meeting with representatives of Cravath and Lazard. At the meeting, representatives of Lazard reviewed with the special committee the updated financial projections shared with Bidder H in November 2024, as well as a
sensitivity case provided by Bridge’s management designed to take into account updated ongoing challenges in the real estate sector and the asset management industry at the time, and discussed the differences between the financial projections
prepared in April 2024 and

49

the updated financial projections shared with Bidder H in November 2024. Following Mr. Leat’s departure from the meeting, the special committee discussed the December Proposal and the
proposal received from Bidder H. The special committee discussed (a) that Apollo’s bid reflected a far greater amount of analysis and due diligence, whereas Bidder H was in the early stages of its analysis and less certain of being able to
proceed with a potential proposal at the price proposed, (b) the stock consideration proposed by Apollo as compared to the cash consideration proposed by Bidder H, (c) the difference in the price proposed by Apollo and Bidder H and
(d) the exclusivity requested by each of Apollo and Bidder H. Following discussion, the special committee, without Mr. Leat present, authorized Lazard to share the December Proposal with J.P. Morgan and Bridge’s management team for
their information and determined that although the December Proposal contained a higher purchase price compared to Bidder H’s proposal, there was not a significant enough difference in value between the proposals to enter exclusivity with
Apollo at such time.

On December 10, 2024, Lazard,