Log In

Reset Password

Dispute over Apollo-Athene merger in court

First Prev 1 2 3 Next Last
Chief Justice Narinder Hargun (File photograph)

The first hearing of an action brought by dissident shareholders in relation to the merger of Apollo Global Management with Athene Holdings Ltd has concluded with the terms of an order relating to the scope of the obligation by the defendants to produce documents for review by the plaintiffs.

The directions hearing in the matter of Stonehill Institution Partners LP et al vs. Athene Holdings Ltd was heard in the Supreme Court by Narinder Hargun, the Chief Justice.

The substantive issue between the parties is the fair value appraisal of shares in the defendant that were received by the plaintiff as a result of the merger that took place in January of this year.

The plaintiffs, Stonehill, are a Delaware-incorporated hedge fund operated by Stonehill Capital Management LLC.

They are represented in Bermuda by lawyer Mark Chudleigh, managing partner of Kennedys Chudleigh Ltd.

Kevin Taylor, managing partner of Walkers (Bermuda) Limited (File photograph)

Athene, the defendant, is a retirement services company. It is represented in Bermuda by lawyer Kevin Taylor, managing partner of Walkers (Bermuda) Limited.

The parties have been invited by Mr Justice Hargun to produce a draft order for signing that would oblige the defendants to make a first tranche of discovery within 14 days, and a second tranche of discovery 46 days thereafter.

The first tranche is expected to include between 4,000 and 6,000 documents, Mr Taylor said.

Experts for the plaintiffs will review the documents with a view to forming an opinion whether fair market value was received by their clients.

Apollo and Athene merged in an all-stock transaction that implied a total equity value of approximately $11 billion for Athene.

Under the terms of the transaction, each outstanding Class A common share of Athene was exchanged for a fixed ratio of 1.149 shares of Apollo common stock.

Post-merger, Athene is a part of Apollo, the global alternative asset manager.

Mark Chudleigh, managing partner of Kennedys Chudleigh Ltd

You must be Registered or to post comment or to vote.

Published November 04, 2022 at 7:55 am (Updated November 04, 2022 at 7:55 am)

Dispute over Apollo-Athene merger in court

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon