Company: TIPT
Filing Date: 2025-10-17
Form Type: PREM14A
Source: 0001140361-25-038514
Chunk: 96

Company: TIPTREE INC.
Filing Date: 2025-10-17
Form: PREM14A
Chunk 96
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 members of Tiptree management held discussions with an investment bank to discuss a proposal to finance Tiptree’s repurchase of the WP Investor’s interest in Fortegra.

On July 22, 2025, at the direction of Fortegra, representatives of Barclays and BofA Securities informed representatives of Goldman Sachs that Tiptree and the WP Investor expected Purchaser to increase its equity valuation of Fortegra to $1.7 billion but would not require a purchase price adjustment for earnings accrued after the transaction agreements were executed.

On July 27, 2025, representatives of Goldman Sachs communicated Purchaser’s final equity valuation of Fortegra of $1.65 billion (the “July 27 Valuation”).

Also on July 27, 2025, Tiptree made a proposal to the Family Office for it to make an investment in Tiptree to fund the repurchase of the WP Investor’s interest in Fortegra. The Family Office declined the opportunity presented at that time.

Between July 28 and August 1, 2025, multiple media sources reported that Purchaser had resumed talks to acquire Fortegra.

On July 28, 2025, the Fortegra Board held a regularly scheduled meeting. Following discussion, the Fortegra Board determined to continue negotiations with Purchaser based on the July 27 Valuation, subject to negotiation with Purchaser of acceptable definitive transaction documentation.

On July 29, 2025, the Tiptree Board held a regularly scheduled meeting attended by members of Tiptree management and a representative of Ropes & Gray to discuss, among other things, the July 27 Valuation and the prior day’s determination by the Fortegra Board. Following discussion regarding the implied price to book value, price to earnings and comparable transaction metrics, the Tiptree Board determined to continue negotiations with Purchaser based on the July 27 Valuation, subject to negotiation with Purchaser of acceptable definitive transaction documentation.

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Following this meeting, at the direction of Fortegra, representatives of Barclays and BofA Securities informed representatives of Goldman Sachs that the July 27 Valuation was acceptable, subject to Purchaser having completed due diligence and the negotiation by the parties of acceptable definitive transaction documentation. Representatives of Barclays and BofA Securities also requested that Purchaser provide its comments to the initial draft of the Merger Agreement that had been shared as part of the March 14 Process Letter.

On July 31, 2025, representatives