Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 68

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 68
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 Company in an all-cash transaction at an unquantified premium to the Company’s trailing twelve (12)-month high stock price, and offering to execute a non-disclosure and standstill agreement.

On September 15, 2024, the Board met with representatives of management and Alston & Bird LLP (“

#### Alston
”) in attendance. Mr. Reigersman summarized Fair’s September 10 letter and discussed a number of financial aspects of a hypothetical transaction involving a premium for the Company’s shares and the need to obtain additional information to evaluate Fair’s proposal. Notably, the participants discussed the lack of information regarding financial support in the letter. Mr. Reigersman and the Board also discussed that, in the event Fair were to clarify its proposal in a manner suggesting it may be actionable, engaging a financial advisor to advise the Board with regard to a possible strategic review process and stockholder engagement strategies may be advisable, including advising with respect to the financial aspects of and possible responses to Fair’s proposal. The Board discussed the characteristics of several financial advisors, including Morgan Stanley, who was perceived to have extensive familiarity with the Company and its industry and experience with similar situations. A representative of Alston discussed the Board’s fiduciary duties in a potential change of control transaction. Following discussion, the Board approved engaging Morgan Stanley as the Company’s financial advisor, subject to a review of any conflicts of interest that Morgan Stanley may have with respect to the proposed transaction. The Board also instructed management and the Company’s advisors to respond to Fair with a request for clarification of its proposal. The Board also discussed the advantages and disadvantages of forming a committee of the Board intended to facilitate Board engagement, oversight and efficiency in evaluating possible responses to Fair, any competing change of control transaction and any ensuing strategic review process, and not with a view toward addressing any identified conflict of interest. Following that discussion, the Board indicated that it was favorably disposed to the formation of a transaction committee likely consisting of Ms. Barbara Carbone, the Chair of the Board, Mr. Reigersman and Mr. Diego Rodriguez, and directed the Company’s legal advisors to prepare documentation for the Board to use in forming and constituting such a committee.

Later on September 15, Mr. Reigersman sent a letter to Fair requesting clarification of the per share price it was prepared to offer for the Company, the identity of sources of debt and equity financing, including the status of due diligence conducted and the level of commitment from these financing sources to the transaction. This letter also included