Company: TIPT
Filing Date: 2025-10-31
Form Type: DEFM14A
Source: 0001140361-25-039949
Chunk: 81

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: DEFM14A
Chunk 81
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 of a minority interest in Fortegra to a new investor and the sale of Fortegra’s non-insurance services business.

In March and April 2024, Tiptree, the WP Investor and the independent members of the Fortegra Board contributed an aggregate of $40 million in cash in exchange for shares of Fortegra common stock to support Fortegra’s growth opportunities. The contribution was made pro-rata based on the relative ownership percentage of Fortegra at that time.

On May 1, 2024, a third-party investment bank (“Investment Bank A”) arranged a meeting between Tiptree and a strategic company in the insurance industry (“Company A”) to discuss the potential acquisition of Fortegra or Tiptree by Company A. At the meeting, members of Tiptree management and representatives of Company A discussed only publicly available information regarding Fortegra and Tiptree.

On May 6, 2024, representatives of Company A conveyed a proposal to members of Tiptree management outlining Company A’s interest in either acquiring 100% of Tiptree or 100% of Fortegra, but Company A did not include a valuation of Tiptree or Fortegra in such communication.

On May 17, 2024, based on publicly available information of Fortegra and Tiptree, Investment Bank A provided to Company A a valuation range of $1.9 billion to $2.1 billion for the potential acquisition of 100% of Fortegra and a valuation of $40 per share for the potential acquisition of 100% of Tiptree. On May 18, 2024, representatives of Company A informed representatives of Investment Bank A that Company A and Tiptree and Fortegra were too far apart on valuation to continue discussions.

On June 18, 2024, members of Tiptree management held a meeting with representatives of a publicly traded company (“Company B”) to discuss a potential transaction involving the acquisition by Company B of 100% of Tiptree or 100% of Fortegra. At the meeting, the parties discussed only publicly available information regarding Fortegra and Tiptree and potential transaction structuring but not valuation or price.

On June 26, 2024, members of Tiptree management and representatives of Goldman Sachs convened to discuss re-launching an IPO of Fortegra as well as other potential strategic alternatives for Fortegra, including the sale of 100% or a portion of Fortegra’s equity interests.

After discussions with potential capital providers, and with consideration of