Company: APO
Filing Date: 2025-04-11
Form Type: S-4
Source: 0001193125-25-079161
Chunk: 85

Company: Apollo Global Management, Inc.
Filing Date: 2025-04-11
Form: S-4
Chunk 85
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at shared with the special committee that he had not accepted any consulting or similar roles with Apollo to
date. Representatives of Cravath noted that while the special committee was evaluating potential proposals from both Apollo and Bidder H, Mr. Leat would be recused from any consideration of the proposals from Apollo going forward. Following
discussion, the special committee determined that, going forward, Mr. Leat would recuse himself from any and all deliberations, discussions and decision-making of the special committee related to any proposal by Apollo or otherwise and, in the
event that the special committee were to decide to pursue a transaction with Apollo, Mr. Leat would then resign from the special committee. The special committee discussed the status of negotiations with Bidder H and the expected timing for
receiving a written proposal from Bidder H. At that point, Mr. Leat departed the meeting, and the special committee discussed the November Proposal and potential responses to Apollo. Following discussion, the special committee directed Lazard
to also share the November Proposal with J.P. Morgan and Bridge’s management team for their information and to convey to Apollo that the November Proposal was not sufficient for the special committee to engage in negotiations with Apollo
regarding a transaction. Due to the uncertainty facing Bridge’s business and the timing for various key developments (including interest rates, the real estate sector, fundraising prospects and the broader economy) as well as the sensitivity in
the financial projections to the degree of success forecasted to be achieved by a number of new strategies that had either been recently launched or were anticipated to be launched in the future, the special committee also directed Lazard to request
updated financial projections, consisting of both the December Baseline Projections (as defined below) and the December Projections (as defined below) to help illustrate the range of potential future performance of Bridge, from Bridge’s
management team for their review and approval.

On December 2, 2024, Mr. Leat, following a discussion of specific messaging with
Lazard and Cravath, conveyed to Apollo that the November Proposal was not actionable from the perspective of the special committee and requested that Apollo submit a revised proposal.

On December 6, 2024, the special committee received a further updated 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 100% of the issued and outstanding equity interests of Bridge, an increased implied price per share of