Presidio Holder Advances Buyout Suit, but Apollo Global Escapes

A challenge to Presidio Inc.'s $2.2 billion take-private buyout can move forward against its CEO, its acquirers at BC Partners Advisors LP, and deal adviser LionTree Advisors LLC, but not against its board or former backers at Apollo Global Management LLC, a Delaware judge ruled Friday.

Vice Chancellor J. Travis Laster gave part of the shareholder case a green light, citing “troubling allegations” that LionTree tipped off BCP about another suitor, enabling it to top the competing offer by just 10 cents a share while demanding enhanced protections against a potential bidding war.

Although “a competitive process” might “earn ...