Company: APO
Filing Date: 2025-04-11
Form Type: S-4
Source: 0001193125-25-079161
Chunk: 81

Company: Apollo Global Management, Inc.
Filing Date: 2025-04-11
Form: S-4
Chunk 81
---
 in the second round. The special committee asked questions and discussed the foregoing, including potential strategies to obtain an increased per share purchase price from Apollo for Bridge’s unaffiliated
stockholders.

On July 18, 2024, an auction draft merger agreement was distributed to Apollo. The auction draft merger agreement
contemplated an all-cash deal for 100% of the outstanding equity of Bridge and did not contain any specific provisions with respect to the TRA.

On July 25, 2024, representatives of Bidder B advised representatives of J.P. Morgan that it would no longer be pursuing a potential
transaction with Bridge and would not be submitting a second round bid.

On July 29, 2024, the special committee held a meeting with
representatives of Cravath and Lazard. Representatives of Lazard provided the special committee with updates on discussions with Bidder B, Bidder E

46

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-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.