Apollo, LionTree, Presidio Board Say $2.2 Billion Deal Was Fair

Presidio Inc.'s board, financial advisers, private equity owners, and former backers at Apollo Global Management fired back in Delaware court at a challenge to its $2.2 billion take-private buyout, saying the deal passes scrutiny because public investors benefited as much as insiders.

The $16.60-a-share buyout by BC Partners closed in December after getting shareholder approval in November. It came about two years after Apollo took Presidio public in 2017 following its 2015 acquisition of the information technology company.

The Chancery Court lawsuit targets Apollo, BCP, Presidio, and its board, among which there’s allegedly significant leadership overlap.

The proposed shareholder ...