Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 113

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 113
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 $10.50 per share of Enfusion Common Stock in cash, assuming that all payments under the TRA would be waived, which the Party E Consortium referred to as its “best and final
offer”. This indication of interest equated to a per share price of approximately $9.53 if no portion of the TRA was waived. This proposed price of $9.53 implied a premium to the Unaffected Price of approximately 11.5%.

On December 27, 2024, Mr. Sahai indicated to representatives of Goldman Sachs that Clearwater would be prepared to offer $11.10 per
share of Enfusion Common Stock, payable in an approximately equal mix of cash and Clearwater Common Stock, assuming that Clearwater would pay no more than $50 million to terminate the TRA and that any additional waived value beyond such amount
would accrue to the benefit of Enfusion Stockholders on a dollar-for-dollar basis. This revised offer equated to a per share price of approximately $10.46 if no portion
of the TRA was waived. This proposed price of $10.46 implied a premium to the Unaffected Price of approximately 22.3%. Mr. Sahai also indicated to representatives of Goldman Sachs that Clearwater and its advisors would be prepared to work
diligently and sign a definitive merger agreement for a transaction in the next week and reiterated Clearwater’s request for exclusivity.

Later on December 27, 2024, representatives of the Party E Consortium verbally reiterated to the chair of the Special Committee that
the Party E Consortium would increase its bid from $10.25 per share to $10.50 per share of Enfusion Common Stock in cash, assuming that all payments under the TRA would be waived. This indication of interest equated to a per share price of
approximately $9.53 if no portion of the TRA was waived. This proposed price of $9.53 implied a premium to the Unaffected Price of approximately 11.5%.

On December 28, 2024, the Special Committee held a meeting with representatives of Dechert and Goldman Sachs in attendance.
Representatives of Goldman Sachs briefed the Special Committee on the status of the strategic transaction process, including the most recent interactions with each of Clearwater and the Party E Consortium. Representatives of Dechert briefed the
Special Committee on the status of the transaction documentation and issues raised by Clearwater. The Special Committee determined that representatives of Goldman Sachs should continue to negotiate to increase the ratio