Company: TIPT
Filing Date: 2025-10-31
Form Type: DEFM14A
Source: 0001140361-25-039949
Chunk: 110

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: DEFM14A
Chunk 110
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 member of the Tiptree Board applied his or her own personal business judgment to the process and may have given different weight to different reasons. The Tiptree Board did not undertake to make any specific determination as to whether any reason, or any particular aspect of any reason, supported or did not support its ultimate determination and recommendation. The Tiptree Board based its recommendations on the totality of the information presented, including thorough discussions with, and questioning of, Tiptree’s and Fortegra’s management and the Tiptree Board’s legal advisors and Barclays. This explanation of the reasoning of the Tiptree Board and certain information presented in this section is forward-looking in nature and should be read in light of the factors set forth in the section of this proxy statement entitled “Cautionary Statement Regarding Forward-Looking Statements” beginning on page 27of this proxy statement. Opinion of Barclays Fortegra engaged Barclays to act as its financial advisor with respect to pursuing strategic alternatives for Fortegra, including a possible sale of Fortegra, pursuant to an engagement letter dated May 1, 2025. On September 24, 2025, Barclays rendered its oral opinion (which was subsequently confirmed in writing) to the Fortegra Board that, as of such date and based upon and subject to the qualifications, limitations, assumptions and other matters stated in its opinion, the aggregate consideration in the Merger is fair, from a financial point of view, to the holders of Fortegra common stock. The full text of Barclays’ written opinion, dated as of September 26, 2025, is attached as Annex B to this proxy statement. Barclays’ written opinion sets forth, among other things, the assumptions made, procedures followed, factors considered and limitations upon the review undertaken by Barclays in rendering its opinion. You are encouraged to read the opinion carefully in its entirety. The following is a summary of Barclays’ opinion and the methodology that Barclays used to render its opinion. This summary is qualified in its entirety by reference to the full text of the opinion. Barclays’ opinion, the issuance of which was approved by Barclays’ Valuation and Fairness Opinion Committee, is addressed to the Fortegra Board (and is permitted to be disclosed to and relied upon by the Tiptree Board), addresses only the fairness, from a financial point of view, of the aggregate consideration to the holders of Fortegra common stock and does not constitute a recommendation to any stockholder of Fortegra or Tiptree as to how such stockholder should vote with respect to the