Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 102

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 102
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2024, the Party E Consortium submitted a written non-binding indication
of interest to acquire 100% of the outstanding capital stock of Enfusion for $10.25 per share of Enfusion Common Stock in cash, assuming that no portion of the TRA was waived, but confirming that to the extent payments under the TRA were waived,
then the waived amount would accrue to the benefit of Enfusion Stockholders on a dollar-for-dollar basis. The Party E Consortium proposed to finance the acquisition with
a combination of equity and debt. This proposed price of $10.25 implied a premium to the Unaffected Price of approximately 20.0% (the “”).

Also on November 19, 2024, Party L submitted a written non-binding indication of interest to
acquire 100% of the outstanding capital stock of Enfusion for between $10.00 and $10.75 per share of Enfusion Common Stock in cash, assuming that no portion of the TRA was waived, but confirming that to the extent payments under the TRA were waived,
then the waived amount would accrue to the benefit of Enfusion Stockholders on a dollar-for-dollar basis. This proposed price range of $10.00 to $10.75 implied a premium
to the Unaffected Price of approximately 17.0% to 25.7%.

Each of the first-round proposals submitted by Clearwater, the Party E
Consortium, Party L and Party P (discussed below) agreed that, if a transaction would warrant the application of the framework set forth in the Delaware Supreme Court’s decision in Kahn v. M&F Worldwide Corp., 88 A.3d 635 (Del.
2014), then the bidder would condition its proposal on approval of both (a) a Special Committee of disinterested and independent directors and (b) a majority of the outstanding shares held by Enfusion Stockholders unaffiliated with the TRA
Parties and other applicable Enfusion Stockholders.

Also on November 19, 2024, Party C declined to further engage in the sale
process, citing that Enfusion’s financial profile would be challenging to underwrite at a competitive valuation.

Also on
November 19, 2024, Party A declined to further engage in the sale process, citing that Enfusion’s financial profile would be challenging to underwrite at a competitive valuation.

Also on November 19, 2024, Party R declined to further engage in the sale process, citing that En