Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 101

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 101
---
 Movchan, assuming they had not changed their previously stated intentions with respect to a potential transaction. The Special Committee discussed and
determined that it would be in the best interest of the strategic transaction process to share high level information about each bid with FTV and ICONIQ because the Special Committee was unlikely to recommend proceeding with any transaction unless
it was reasonably certain that each of FTV, ICONIQ and Mr. Movchan would be supportive of such transaction given each stockholder’s voting power and that any bidder would likely condition signing a definitive merger agreement on receipt of a
voting and support agreement from each of FTV, ICONIQ and Mr. Movchan.

Also on November 15, 2024, Party B declined to further engage
in the sale process, citing that Enfusion’s financial profile would be challenging to underwrite at a competitive valuation.

On
November 16, 2024, Party N declined to further engage in the sale process, citing that Enfusion’s financial profile would be challenging to underwrite at a competitive valuation.

On November 18, 2024, Party D 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 18, 2024, Party Q declined to further engage in the sale
process, citing that Enfusion’s business was not a focus area for the company at this time.

On November 19, 2024,
Clearwater submitted a written non-binding indication of interest to acquire 100% of the outstanding capital stock of Enfusion for $11.50 per share of Enfusion Common Stock, assuming that Clearwater would pay
no more than $50 million to terminate the TRA and that any additional waived value beyond such amount would accrue to the benefit of Enfusion Stockholders on a
dollar-for-dollar basis. Based on the information available to it, the Special Committee determined that this indication of interest equated to a per share price of
approximately $10.82 if no portion of the TRA was waived. This proposed price of $10.82 implied

64

a premium to the Unaffected Price of approximately 26.5% (the “”). The Clearwater November 19 Proposal indicated that to
fund the transaction, Clearwater expected to use $180 million of the cash on its balance sheet, issue up to $500 million in debt and issue approximately $900 million of equity.

Also on November 19,