Company: TIPT
Filing Date: 2025-10-17
Form Type: PREM14A
Source: 0001140361-25-038514
Chunk: 107

Company: TIPTREE INC.
Filing Date: 2025-10-17
Form: PREM14A
Chunk 107
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 limitations, assumptions and other matters stated therein, the aggregate consideration of $1,650,000,000 in cash in the Merger is fair, from a financial point of view, to holders of Fortegra common stock; |

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TABLE OF CONTENTS

| • | the fact that the aggregate consideration of $1,650,000,000 in cash implies a multiple of 2.3x of Fortegra’s stated book value and 3.9x Fortegra’s stated tangible book value, in each case, for the second quarter of fiscal year 2025 and an estimated gross return to Tiptree of 14.1x on invested capital and 22.7% internal rate of return, in each case calculated prior to purchase price adjustments set forth in the Merger Agreement; |

| • | Purchaser’s reputation as a leading property and casualty insurance company; |

| • | the fact that the consideration to be paid by Purchaser is all cash, which provides certainty of value; |

| • | the representation made by Purchaser to Fortegra in the Merger Agreement that Purchaser will have at the closing cash on hand or available sources of capital necessary to consummate the transactions contemplated by the Merger Agreement on the terms and subject to the conditions set forth therein, as well as the absence of a financing condition to the closing; |

| • | Purchaser’s commitment in the Merger Agreement not to, and to cause its affiliates not to, take any action that could reasonably be expected to hinder or delay, as applicable, the obtaining of clearance or the expiration of the required waiting periods under the HSR Act or the obtaining of any required governmental consent (including the CFIUS Approval) or the effect of which would be to delay or impede the ability of the parties to the Merger Agreement to consummate the transactions contemplated by the Merger Agreement, subject to limited exceptions set forth in the Merger Agreement; |

| • | Tiptree’s entitlement to specific performance to prevent breaches of the Merger Agreement; |

| • | the ability of the Tiptree Board, at any time prior to the time at which the Tiptree stockholder approval is obtained, to make an adverse recommendation change or agree to enter into an alternative acquisition agreement in respect of a superior proposal, subject to certain conditions, as further described in the section of this proxy statement entitled “The Merger Agreement—Alternative Acquisition Proposals—Superior Proposal” beginning on page86; |

| • | the ability