Company: APO
Filing Date: 2025-05-12
Form Type: S-4/A
Source: 0001193125-25-117912
Chunk: 92

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-12
Form: S-4/A
Chunk 92
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 and (f) their views on
Bridge’s capital raising prospects and the success forecasted to be achieved by newly-launched or anticipated strategies. Based on the foregoing discussion, the special committee instructed Lazard to use the December Baseline Projections in its
financial analysis. The special committee noted that it would be acceptable to provide the December Baseline Projections to Apollo, if requested, and that Apollo should be informed that the special committee and its financial advisor would be using
the December Baseline Projections. The special committee, together with

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Cravath, also reviewed updated relationship disclosures provided by Lazard with respect to its relationships with Bridge and Apollo and determined that these relationships would not impede
Lazard’s ability to represent the interests of the special committee.

On January 19, 2025, representatives of Paul, Weiss,
legal counsel to Apollo, shared a markup of the auction draft merger agreement with representatives of Latham and Cravath. In the markup, among other matters, Apollo requested that certain significant stockholders of Bridge (who were yet to be
identified) enter into a voting and support agreement and for Mr. Morse to enter into certain agreements with Apollo or its affiliate concurrently with signing the merger agreement, effective as of closing, including an offer letter,
restrictive covenant agreement and a lock-up and release agreement. The markup from Paul, Weiss also removed the majority of the minority approval condition, proposed additional closing conditions, including
the receipt of client consents representing 95% of Bridge’s base revenue run rate, and proposed a termination fee payable by Bridge, in certain circumstances, equal to 5% of Bridge’s equity value.

On January 21, 2025, representatives of Paul, Weiss sent to representatives of Cravath a draft exclusivity extension letter requesting
the extension of the exclusivity end date through February 11, 2025. On January 22, 2025, the special committee held a meeting with representatives of Cravath and Lazard. The special committee discussed Apollo’s request for an
extension to the exclusivity period and agreed that would be appropriate given the progress made to date. Representatives of Lazard reviewed with the special committee the latest proposed framework for incentivization and alignment terms for
Bridge’s management team, including the fact that the management team would realize value based on the extent to which Bridge’s management team achieves all of the targets in the December Projections. Following discussion, the special
committee determined that the outlines of the framework appeared reasonable and