Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 130

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 130
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 the Merger Agreement to negotiate with Enfusion to match the terms of any Superior Proposal    
 prior to Enfusion being able to terminate the Merger Agreement and accept a Superior Proposal to be a deterrent to making alternative acquisition proposals;                                                                                        |

| • |     | the possibility that the termination fee payable by Enfusion equal to $52,325,000 in certain circumstances, 
 including if Enfusion terminates the Merger Agreement to accept a Superior Proposal                         |

82

| and enters into a definitive agreement concerning a transaction that constitutes a Superior Proposal with any third party, could discourage other potential acquirors from making a competing 
 proposal to acquire Enfusion or could negatively impact the structure, pricing and terms of any such proposal;                                                                                |

| • |     | the fact that the Party E Consortium had offered an all-cash transaction                                                                                                                                                                        
 that could provide more certainty of value at a closing (although the Special Committee considered the various factors described above and concluded that the Clearwater proposal provided higher overall value to Enfusion Stockholders and no 
 significant difference in certainty of closing);                                                                                                                                                                                                |

| • |     | the restrictions placed on the conduct of Enfusion’s business prior to the completion of the Transactions                                                                                                                                             
 pursuant to the terms of the Merger Agreement, which could delay or prevent Enfusion from undertaking business opportunities that may arise or any other action it would otherwise take with respect to the operations of Enfusion absent the pending 
 completion of the Transactions;                                                                                                                                                                                                                       |

| • |     | the fact that Enfusion management’s focus and resources may become diverted from other important business 
 opportunities and operational matters while working to implement the Transactions;                        |

| • |     | the potential for litigation by Enfusion Stockholders in connection with the transactions contemplated by the                          
 Merger Agreement, including the Transactions, which, even where lacking in merit, could nonetheless result in distraction and expense; |

| • |     | the costs involved in connection with entering into the Merger Agreement and completing the Transactions and the                                                
 substantial time and effort of Enfusion management required to consummate the Transactions and related disruptions to the operation of Enfusion’s business; and |

| • |     | while the Transactions are expected to be completed, there are no assurances that all conditions to the                                                                                                                                                   
 parties’ obligations to complete the Transactions will be satisfied or waived, and as a result, it is possible that the Transactions may not be completed. The Special Committee noted the fact that, if the Transactions are not completed,              
 (i) the market price of shares of En