Company: TIPT
Filing Date: 2025-10-31
Form Type: DEFM14A
Source: 0001140361-25-039949
Chunk: 85

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: DEFM14A
Chunk 85
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ies, including Company C and Purchaser.

On December 16, 2024, members of Fortegra management and a representative of Purchaser attended a dinner at which they discussed Fortegra’s and Purchaser’s respective businesses and Purchaser’s interest in a strategic transaction involving Fortegra.

On December 17, 2024, a representative of Purchaser delivered to members of Fortegra management a letter addressed to Tiptree, Fortegra and the WP Investor containing an unsolicited non-binding indication of interest from Purchaser to acquire Fortegra, which ascribed to Fortegra an equity valuation of $1.9 to $2.0 billion (the “Purchaser December 17 IoI”) and requested exclusivity for a period of 90 days in connection with the submission of the Purchaser December 17 IoI. Purchaser indicated in the Purchaser December 17 IoI that it expected to fund the acquisition of Fortegra with cash from Purchaser’s balance sheet, to retain the existing Fortegra leadership team to continue running the business without any changes in strategy or operations, and to obtain all required regulatory approvals and close the transaction within six months following entry into definitive transaction documents.

On December 23, 2024, representatives of Barclays and BofA Securities held a call with representatives of Goldman Sachs, Purchaser’s financial advisor, to discuss the Purchaser December 17 IoI and Purchaser’s desire for exclusivity, which Fortegra did not grant. Over the course of January and February 2025, at the direction of Fortegra, representatives of Barclays and BofA Securities held numerous discussions with representatives of Goldman Sachs regarding process considerations and preliminary financial due diligence.

Between December 20 and December 31, 2024, at the direction of Fortegra, representatives of Barclays and BofA Securities held calls with representatives of Company C and its financial advisor to discuss process considerations, including timing and next steps. On January 2, 2025, following Company C’s entry into a non-disclosure agreement, Fortegra provided Company C with access to diligence materials, and over the course of January and February 2025, members of Fortegra management, representatives of Barclays and BofA Securities, Company C and Company C’s financial advisor held numerous discussions in connection with Company C’s preliminary, high-level due diligence of Fortegra and several additional discussions regarding potential next steps.

On January 7, 2025, The Insurer published an article stating that Fortegra was appointing Barclays, Bof