Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 112

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 112
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4, the Special Committee held a meeting with representatives of Dechert and Goldman Sachs in attendance.
Representatives of Goldman Sachs briefed the Special Committee on the status of the strategic transaction process, including their most recent interactions with the Party E Consortium and Clearwater.

Later on December 23, 2024, at the direction of the Special Committee, representatives of Clearwater participated in a meeting with
representatives of Enfusion management and Goldman Sachs at which the

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participants discussed the expected financial performance of Enfusion for the fourth quarter of 2024 and the full year 2024. Following such meeting, representatives of Clearwater indicated to
representatives of Goldman Sachs that the expected financial information had been concerning, but that Clearwater remained interested in pursuing a potential transaction and then Clearwater requested certain additional financial and other
information to factor into its proposed valuation for such transaction. Representatives of Clearwater also proposed to representatives of Goldman Sachs that Clearwater would change the split in cash and stock to 50%/50%. Representatives of
Clearwater requested exclusivity through January 3, 2025 and noted that they expected Kirkland to send a revised draft merger agreement to Dechert on December 24, 2024. Representatives of Clearwater also noted that J.P. Morgan as
a potential financing source had performed significant work and that Clearwater expected that J.P. Morgan would be able to provide committed debt financing for a potential transaction.

Later on December 23, 2024, and following the Party E Consortium’s review of Enfusion’s financial performance for the
fourth quarter of 2024 and the full year 2024, the Party E Consortium submitted a revised written offer to acquire 100% of the outstanding capital stock of Enfusion at $10.25 per share of Enfusion Common Stock in cash, assuming that all payments
under the TRA would be waived, which the Party E Consortium referred to as its “best and final offer”. Based on the information available to it, the Special Committee determined that this indication of interest equated to a per share price
of approximately $9.29 if no portion of the TRA was waived. This proposed price of $9.29 implied a premium to the Unaffected Price of approximately 8.7% (the “”). The
offer noted that the Party E Consortium would provide an equity commitment letter to cover all the merger consideration payable to Enfusion equityholders. The Party E Consortium December 23 Proposal also noted that the Party E Consortium would