Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 110

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 110
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water.

Later on December 23, 2024, at the direction of the Special Committee, representatives of Clearwater participated in a meeting with
representatives of Enfusion management and Goldman Sachs at which the participants discussed the expected financial performance of Enfusion for the fourth quarter of 2024 and the full year 2024. Following such meeting, representatives of Clearwater
indicated to representatives of Goldman Sachs that the expected financial information had been concerning, but that Clearwater remained interested in pursuing a potential transaction and then Clearwater requested certain additional financial and
other information to factor into its proposed valuation for such transaction. Representatives of Clearwater also proposed to representatives of Goldman Sachs that Clearwater would change the split in cash and stock to 50%/50%. Representatives of
Clearwater requested exclusivity through January 3, 2025 and noted that they expected Kirkland to send a revised draft merger agreement to Dechert on December 24, 2024. Representatives of Clearwater also noted that J.P. Morgan as
a potential financing source had performed significant work and that Clearwater expected that J.P. Morgan would be able to provide committed debt financing for a potential transaction.

Later on December 23, 2024, and following the Party E Consortium’s review of Enfusion’s financial performance for the
fourth quarter of 2024 and the full year 2024, the Party E Consortium submitted a revised written offer to acquire 100% of the outstanding capital stock of Enfusion at $10.25 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”. Based on the information available to it, the Special Committee determined that this indication of interest equated to a per share price
of approximately $9.29 if no

69

portion of the TRA was waived. This proposed price of $9.29 implied a premium to the Unaffected Price of approximately 8.7% (the “”). The offer noted that the Party E Consortium would provide an equity commitment letter to cover all the merger consideration payable to Enfusion equityholders. The Party E Consortium December 23 Proposal also noted that the
Party E Consortium would target January 8, 2025 for the signing of a definitive merger agreement and public announcement of a potential transaction and that the Party E Consortium would not require any existing Enfusion Stockholders to
roll over their investment, and representatives of the Party