Company: TIPT
Filing Date: 2025-10-17
Form Type: PREM14A
Source: 0001140361-25-038514
Chunk: 89

Company: TIPTREE INC.
Filing Date: 2025-10-17
Form: PREM14A
Chunk 89
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25, 2025, the Tiptree Board held a regularly scheduled meeting attended by members of Tiptree management and a representative of Ropes & Gray. At the meeting, members of Tiptree management provided a general update on engagement with prospective acquirers of Fortegra, reviewed the terms of the Purchaser February 19 IoI and the Company C February 19 IoI, and discussed potential next steps.

From March 4 to March 7, 2025, senior members of Fortegra management held in-person meetings with representatives of Purchaser in Seoul, Republic of Korea to discuss Fortegra’s growth strategy, potential commercial and strategic collaborations between Fortegra and Purchaser, and the timeline for a potential transaction. Also on March 7, 2025, representatives of Barclays and BofA Securities held a call with Goldman Sachs to discuss next steps for a potential transaction with Purchaser.

On March 14, 2025, at the direction of Fortegra, Barclays and BofA Securities sent a second-round process letter (the “March 14 Process Letter”) to Purchaser and Company C inviting each prospective acquirer to submit a written final proposal to acquire Fortegra by April 9, 2025. Included with the March 14 Process Letter was a draft of the Merger Agreement, and the March 14 Process Letter requested that each prospective acquirer submit a revised draft of the Merger Agreement by April 3, 2025. The draft of the Merger Agreement included with the March 14 Process Letter contemplated, among other things, (i) a “hell-or-high water” provision requiring the acquirer to use reasonable best efforts to take promptly any and all steps and actions necessary to obtain regulatory approvals, (ii) the continuation of Fortegra equity awards in accordance with their terms following the Effective Time, other than Fortegra stock options, (iii) a purchase price adjustment mechanism based on any difference between the consolidated book value of Fortegra as of December 31, 2024 and the actual consolidated book value of Fortegra as of the closing date, (iv) that expenses generally be borne by the party incurring such expenses and (v) a termination fee of 2% of the equity value of Fortegra in the event the Tiptree Board exercised its fiduciary out due to a superior proposal. The draft of the Merger Agreement did not provide for post-closing indemnification of the acquirer by Tiptree or Fortegra.

From March 14,