Company: TIPT
Filing Date: 2025-10-31
Form Type: DEFM14A
Source: 0001140361-25-039949
Chunk: 89

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: DEFM14A
Chunk 89
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4 and the actual consolidated book value of Fortegra as of the closing date, (iv) that expenses generally be borne by the party incurring such expenses and (v) a termination fee of 2% of the equity value of Fortegra in the event the Tiptree Board exercised its fiduciary out due to a superior proposal. The draft of the Merger Agreement did not provide for post-closing indemnification of the acquirer by Tiptree or Fortegra.

From March 14, 2025 through April 2025, members of Fortegra management and representatives of Barclays and BofA Securities held management presentations, discussions among financial advisors, and multiple due diligence calls with representatives of Purchaser and Goldman Sachs.

On March 20 and March 21, 2025, representatives from Company C visited Jacksonville, Florida and conducted multi-day diligence sessions with members of Fortegra management.

On March 24 and March 25, 2025, representatives of Purchaser visited Jacksonville, Florida and conducted multi-day diligence sessions.

On March 26, 2025, representatives of Company C informed members of Tiptree management that Company C was withdrawing from the process.

On March 31 and April 1, 2025, at the direction of Fortegra, representatives of Barclays and BofA Securities held calls with representatives of Goldman Sachs during which representatives of Goldman Sachs requested an extension of the April 3, 2025 deadline from the March 14 Process Letter to submit a bid and revised draft of the Merger Agreement. Representatives of Barclays and BofA Securities agreed to an updated deadline of April 24, 2025 for Purchaser to submit a revised draft of the Merger Agreement.

Between April 7 and April 11, 2025, Purchaser and its outside legal counsel, Latham & Watkins LLP (“Latham”), continued to conduct due diligence on Fortegra, including through virtual meetings with representatives of Fortegra, Tiptree, Ropes & Gray, Barclays and BofA Securities. During such period, representatives of Barclays and BofA Securities also held a check-in call with representatives of Goldman Sachs regarding Purchaser’s progress in providing a final proposal in response to the March 14 Process Letter.

On April 15, 2025, Insurance Insider US reported that Purchaser, among others, had expressed interest in acquiring Fortegra.

Purchaser did not submit a revised draft of the Merger Agreement on April 24, 2025, and on April 25