Company: TIPT
Filing Date: 2025-10-31
Form Type: DEFM14A
Source: 0001140361-25-039949
Chunk: 87

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: DEFM14A
Chunk 87
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the “Purchaser February 19 IoI”), which valuation was unchanged from the Purchaser December 17 IoI. Purchaser reiterated in the Purchaser February 19 IoI that it expected to fund the acquisition of Fortegra with cash from Purchaser’s balance sheet, to retain the existing Fortegra leadership team to continue running the business without any changes in strategy or operations, and to obtain all required regulatory approvals and close the transaction within six months following entry into definitive transaction documents.

Also on February 19, 2025, Fortegra received a non-binding indication of interest from Company C, which ascribed to Fortegra an enterprise value of $2.0 billion, and a corresponding equity value of approximately $1.7 billion (the “Company C February 19 IoI”), which valuation was unchanged from the Company C November 15 IoI. The Company C February 19 IoI indicated that Company C would assume Fortegra’s outstanding debt obligations as of the closing, the purchase price would be reduced by the amount of transaction-related expenses incurred, and that the transaction would be financed using existing sources of cash (including available debt capacity and/or existing borrowing facilities). The Company C February 19 IoI stated that it assumed that management-level employees would remain employed by Fortegra following the closing and noted that Company C planned to develop more definitive plans regarding employee matters during the next phase of the transaction process.

Following receipt of the Company C February 19 IoI, at the direction of Fortegra, representatives of Barclays and BofA Securities held several calls with representatives of Company C and its financial advisor to discuss the Company C February 19 IoI. During these calls, at the direction of Fortegra, representatives of Barclays and BofA Securities informed representatives of Company C that for Company C to be successful, it would need to improve the terms contemplated by the Company C February 19 IoI, including by increasing Company C’s valuation of Fortegra. During March 2025, representatives of Barclays and BofA Securities continued to discuss potential next steps with representatives of Company C’s financial advisor, and during such period members of Fortegra management held management presentations and a series of due diligence calls with representatives of Company C.

Following receipt of the Purchaser February 19 IoI, representatives of Barclays and BofA Securities held calls with representatives of Goldman Sachs to discuss the Purchaser February 19 IoI. During these calls, representatives of Barclays and BofA Securities, at the direction of Fortegra, informed representatives of Goldman