Apollo rejected $23/share offer for its Goodman stake, pursued full-company sale

After the August 2007 revised bid deadline, both Hellman & Friedman and Sponsor A proposed to purchase only Apollo's shares in Goodman at $23.00 per share. Apollo determined this price was inadequate and believed continuing the full-company sale process would yield higher value for all stockholders.

“After the August 15, 2007 revised bid deadline, Apollo Management V, L.P. (“Apollo”) was advised by Goldman Sachs that each of H&F and the financial sponsor referred to in the Merger Proxy Statement as Sponsor A had made separate proposals to purchase all of the Goodman shares held by an affiliate of Apollo at $23.00 per share. After considering both of these proposals, Apollo determined that $23.00 per share was not an adequate price and believed that, notwithstanding the then-current condition of the U.S. debt markets, continuing the process to sell Goodman as a whole would yield all stockholders the highest reasonably attainable share value.”

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