Company: APO
Filing Date: 2025-04-11
Form Type: S-4
Source: 0001193125-25-079161
Chunk: 86

Company: Apollo Global Management, Inc.
Filing Date: 2025-04-11
Form: S-4
Chunk 86
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 Bridge
Class A common stock of $11.00 per share (which represented an approximately 19% increase from the offer in the August Proposal and a 10% increase from the offer in the November Proposal) and an exchange ratio to be fixed at signing (the
“December Proposal”). The closing price of a share of Bridge Class A common stock on December 6, 2024 was $9.61. The December Proposal assumed a waiver by the TRA holders of any right to receive accelerated payments due under the
TRA that would be triggered by virtue of the potential transaction. At the direction of the special committee, Lazard shared the December Proposal with J.P. Morgan and Bridge’s management team for their information.

On December 9, 2024, Bridge received a letter of intent 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

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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 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