Company: TIPT
Filing Date: 2025-10-17
Form Type: PREM14A
Source: 0001140361-25-038514
Chunk: 95

Company: TIPTREE INC.
Filing Date: 2025-10-17
Form: PREM14A
Chunk 95
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 Bank B to discuss a potential IPO of Fortegra.

On June 12, 2025, representatives of Company A confirmed through Investment Bank A that the parties were too far apart on valuation to have meaningful discussions.

On June 24, 2025, representatives of Goldman Sachs informed representatives of Barclays and BofA Securities that Purchaser’s indicative equity valuation of Fortegra was $1.6 billion.

On June 26, 2025, members of Tiptree management held discussions with representatives of the Family Office about the potential acquisition of Tiptree or Fortegra, and potential capital raises at Tiptree and/or Fortegra to repurchase the WP Investor’s ownership interest in Fortegra.

On June 27, 2025, members of Tiptree management held discussions with representatives of Sponsor A about the potential acquisition of Tiptree or Fortegra, and potential capital raises at Tiptree and/or Fortegra to repurchase the WP Investor’s ownership interest in Fortegra.

At the direction of Fortegra, representatives of Barclays and BofA Securities responded to Goldman Sachs’ outreach from June 24, 2025, on June 27, 2025, informing representatives of Goldman Sachs that Tiptree and the WP Investor expected (i) Purchaser to increase its equity valuation of Fortegra to $1.65 billion in upfront cash consideration plus 80% of Fortegra’s 2025 earnings and (ii) to agree to Purchaser’s proposed locked-box mechanism in the Merger Agreement on the condition that the Merger Agreement include a ticking fee to align the parties’ incentives towards a closing on the earliest possible date.

From June 30 through July 2, 2025, media sources reported that Purchaser was in talks to acquire Fortegra after having completed due diligence but that the parties had not agreed upon a valuation for Fortegra. On July 8, 2025, multiple media sources reported that Purchaser had walked away from talks to acquire Fortegra.

On July 10, 2025, members of Tiptree management held a meeting with representatives of Barclays. At the meeting, Barclays presented alternatives for raising capital at Tiptree for Tiptree to repurchase the WP Investor’s interest in Fortegra.

On July 12, 2025, Purchaser requested updated financial results of Fortegra, and such updated financials were provided on July 17, 2025.

On July 14, 2025, and July 15, 2025,