Company: TIPT
Filing Date: 2025-10-31
Form Type: DEFM14A
Source: 0001140361-25-039949
Chunk: 90

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: DEFM14A
Chunk 90
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, 2025, representatives of Goldman Sachs informed representatives of Barclays and BofA Securities that Purchaser was not

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prepared at that time to reconfirm its valuation of Fortegra. In response, at the direction of Fortegra, on April 27, 2025, representatives of Barclays and BofA Securities informed representatives of Goldman Sachs that Purchaser would be required to provide an indication as to Purchaser’s valuation of Fortegra as a condition to further engagement with Fortegra.

Also on April 27, 2025, Fortegra received a letter from Purchaser outlining Purchaser’s due diligence progress to date and areas for further diligence, requesting an extension of the final bid submission deadline, noting that Purchaser intended to fund the acquisition with cash-on-hand but was open to exploring financing options, and stating that Purchaser would target signing definitive transaction documentation by the end of June 2025 and closing the transaction by the end of 2025. Included with the letter was a preliminary issues list prepared by Latham in response to the draft Merger Agreement that had been shared as part of the March 14 Process Letter (the “April 27 Issues List”), which noted, among other things, Purchaser’s position that (i) Purchaser would not be required to accept a burdensome condition in order to obtain regulatory approvals, (ii) the transaction would provide for acceleration and payout at closing of all Fortegra equity awards, (iii) use of a locked-box mechanism in the transaction instead of a post-closing purchase price adjustment based on consolidated book value, and (iv) Purchaser would require a termination fee of 4% of the equity value of Fortegra in the event of exercise of the Tiptree Board’s fiduciary out, and a termination fee of 1% in the event the Merger Agreement is terminated as a result of the failure to obtain the Tiptree stockholder approval. In addition, Purchaser proposed additional terms, including, among others, the addition of a post-closing indemnity from the Fortegra equityholders.

On April 28, 2025, the Fortegra Board held a regularly scheduled meeting at which members of Tiptree management provided an update on negotiations with Purchaser, including that Purchaser was not prepared to re-confirm its prior valuation of Fortegra at the current time and that representatives of Barclays and BofA Securities had informed representatives of Goldman Sachs that, as a condition to Fort