Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 128

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 128
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 the Special Committee’s belief, after discussion with its advisors and based on the course of negotiations with Clearwater, that $11.25 per share was the maximum value 
 that Clearwater would offer;                                                                                                                                                                           |

| • |     | the fact that the only other proposal with comparable terms was the Party E Consortium’s offer of $10.60 per                                                                                            
 share in cash, which was the result of extensive and arm’s-length negotiations, and the Special Committee’s belief, after discussion with its advisors and based on the course of negotiations with the 
 Party E Consortium, that $10.60 per share was the maximum value that the Party E Consortium would offer, and that such proposal was uncertain given certain contingencies within the proposal;          |

| • |     | the availability of appraisal rights to Enfusion Stockholders who comply with all of the requirements and                                                       
 procedures under Delaware law for exercising appraisal rights, which allow such holders to seek a judicial determination of the fair value of their shares; and |

| • |     | the possibility that, if the Special Committee declines to move forward with the Clearwater transaction, there                              
 may not be another opportunity for Enfusion Stockholders to receive a comparably priced offer with a comparable level of closing certainty. |

| • |     | The Terms and Conditions of the Merger Agreement, Including the Termination Fee. The Special Committee                                                                                                      
 considered the terms and conditions of the Merger Agreement, which were reviewed by the Special Committee with its financial and legal advisors, and the fact that such terms were the result of extensive, 
 arm’s-length negotiations between the parties and included significant improvements that the Special Committee and Enfusion and their respective advisors were able to obtain as a result of these          
 negotiations and the competitive process that it had conducted. Specifically, among other things, the Special Committee considered (not necessarily in order of relative importance):                       |

| • |     | the likelihood and anticipated timing of obtaining all required regulatory clearances in connection with the 
 Transactions;                                                                                                |

| • |     | Clearwater’s obligation under the Merger Agreement to use reasonable best efforts to take, or cause to be                                                                                                                                            
 taken, all actions and to do, or cause to be done, and to assist and cooperate with the other parties in doing all things necessary, proper or advisable under applicable law to consummate the transactions contemplated by the Merger Agreement as 
 promptly as practicable (other than certain actions that would result in a Burdensome Condition (as defined below));                                                                                                                                 |

| • |