Company: TIPT
Filing Date: 2025-10-17
Form Type: PREM14A
Source: 0001140361-25-038514
Chunk: 492

Company: TIPTREE INC.
Filing Date: 2025-10-17
Form: PREM14A
Chunk 492
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 of the Board of Directors: We understand that The Fortegra Group, Inc. (the “Company”) intends to enter into a transaction (the “Proposed Transaction”) with DB Insurance Co., Ltd. (“Purchaser”) pursuant to which (a) a subsidiary of Purchaser to be incorporated in Delaware following the date hereof (“Merger Sub”), will be merged with and into the Company, the separate existence of Merger Sub will cease and the Company will continue as the surviving corporation and (b) all of the outstanding equity interests of the Company other than certain performance awards will be converted into the right to receive in the aggregate $1,650,000,000 in cash (the “Aggregate Consideration”), subject to adjustments as provided in the Agreement (as defined below), as to which adjustments we express no review or opinion. The terms and conditions of the Proposed Transaction are set forth in more detail in the Agreement and Plan of Merger by and among Purchaser, Merger Sub, the Company and Tiptree Inc. (the “Company Parent”) (the “Agreement”). The summary of the Proposed Transaction set forth above is qualified in its entirety by the terms of the Agreement. We have been requested by the Board of Directors of the Company to render our opinion with respect to the fairness, from a financial point of view, to the Company’s common stockholders of the Aggregate Consideration in the Proposed Transaction. We have not been requested to opine as to, and our opinion does not in any manner address, the Company’s underlying business decision to proceed with or effect the Proposed Transaction or the likelihood of consummation of the Proposed Transaction. In addition, we express no opinion on, and our opinion does not in any manner address, the fairness of the amount or the nature of any compensation to any officers, directors or employees of any parties to the Proposed Transaction, or any class of such persons, relative to the Aggregate Consideration in the Proposed Transaction. Our opinion does not address the relative merits of the Proposed Transaction as compared to any other transaction or business strategy in which the Company might engage. In arriving at our opinion, we reviewed and analyzed: (1) a draft of the Agreement, dated as of September 24, 2025, and the specific terms of the Proposed Transaction; (2) publicly available information concerning the Company and the Company Parent that we believe to be relevant to our analysis, including the Company Parent’s Annual Report on Form 10-K for the fiscal year ended December 31, 202