Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 105

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 105
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 A declined to further engage in the sale
process, citing that Enfusion’s financial profile would be challenging to underwrite at a competitive valuation.

Also on
November 19, 2024, Party R declined to further engage in the sale process, citing that Enfusion’s financial profile would be challenging to underwrite at a competitive valuation.

On November 21, 2024, 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 three

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bids that had been received to date. Representatives of Goldman Sachs also reported that Party P had indicated that it would be submitting a bid in the coming days. The Special Committee and
representatives of Dechert and Goldman Sachs discussed the bids and Enfusion’s prospects to continue as a standalone public company. The Special Committee determined that all four parties should continue to a second round of the bidding
process.

Later on November 21, 2024, Party P verbally indicated to representatives of Goldman Sachs that it would be submitting
a written non-binding indication of interest to acquire 100% of the outstanding capital stock of Enfusion for between $9.50 and $10.50 per share of Enfusion Common Stock in cash, assuming that no portion of
the TRA was waived. This proposed price range of $9.50 to $10.50 implied a premium to the Unaffected Price of approximately 11.1% to 22.8% (the “”).

Later on November 21, 2024, after confirming that each of FTV, ICONIQ and Mr. Movchan’s previously stated intentions had
not changed, representatives of Dechert and Goldman Sachs held a meeting with Mr. Movchan and representatives of FTV and ICONIQ during which representatives of Dechert and Goldman Sachs informed Mr. Movchan and representatives of FTV and
ICONIQ of the nature of the first round bids that had been received, including the names of the bidders, the share prices proposed by each bidder and the share price assuming no waiver and assuming full or partial waiver of the TRA. FTV, ICONIQ and
Mr. Movchan were informed that Clearwater had assumed a $50 million early termination payment due pursuant to the TRA upon a change of control. The Special Committee determined that it would be in the best interest of the strategic
transaction process to share such information because the Special Committee did not want to proceed to negotiate the final terms