Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 104

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 104
---
 Clearwater November 19 Proposal indicated that to fund the transaction, Clearwater expected to use $180 million of the
cash on its balance sheet, issue up to $500 million in debt and issue approximately $900 million of equity.

Also on
November 19, 2024, the Party E Consortium submitted a written non-binding indication of interest to acquire 100% of the outstanding capital stock of Enfusion for $10.25 per share of Enfusion Common
Stock in cash, assuming that no portion of the TRA was waived, but confirming that to the extent payments under the TRA were waived, then the waived amount would accrue to the benefit of Enfusion Stockholders on a dollar-for-dollar basis. The Party E Consortium proposed to finance the acquisition with a combination of equity and debt. This proposed price of $10.25 implied a premium to the Unaffected Price of
approximately 20.0% (the “”).

Also on
November 19, 2024, Party L submitted a written non-binding indication of interest to acquire 100% of the outstanding capital stock of Enfusion for between $10.00 and $10.75 per share of Enfusion
Common Stock in cash, assuming that no portion of the TRA was waived, but confirming that to the extent payments under the TRA were waived, then the waived amount would accrue to the benefit of Enfusion Stockholders on a dollar-for-dollar basis. This proposed price range of $10.00 to $10.75 implied a premium to the Unaffected Price of approximately 17.0% to 25.7%.

Each of the first-round proposals submitted by Clearwater, the Party E Consortium, Party L and Party P (discussed below) agreed that, if a
transaction would warrant the application of the framework set forth in the Delaware Supreme Court’s decision in Kahn v. M&F Worldwide Corp., 88 A.3d 635 (Del. 2014), then the bidder would condition its proposal on approval of both
(a) a Special Committee of disinterested and independent directors and (b) a majority of the outstanding shares held by Enfusion Stockholders unaffiliated with the TRA Parties and other applicable Enfusion Stockholders.

Also on November 19, 2024, Party C 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