Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 109

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 109
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, ICONIQ, Mr. Movchan, the other TRA Parties and other potential counterparties, which the Special Committee determined yielded no disabling conflicts of interest and would not affect the ability of Dechert to
fulfill its responsibilities as the Special Committee’s legal counsel. In addition, Goldman Sachs provided customary supplemental relationship disclosures with respect to Enfusion, FTV, ICONIQ, Mr. Movchan and other potential
counterparties. The Special Committee reviewed such supplemental relationship disclosures and did not identify any facts or circumstances that the Special Committee believed would limit the ability of Goldman Sachs to fulfill its responsibilities as
financial advisor to the Special Committee in connection with the Transactions.

Later on December 13, 2024, the Party E
Consortium submitted a written offer to acquire 100% of the outstanding capital stock of Enfusion for $10.50 per share of Enfusion Common Stock in cash, assuming that no portion of the TRA was waived. This proposed price of $10.50 implied a premium
to the Unaffected Price of approximately 22.85% (the “”). The Party E Consortium December 13 Proposal enclosed a markup of the draft merger agreement, a draft equity
commitment letter and limited guarantee and a draft exclusivity agreement seeking exclusivity through at least December 23, 2024. The Party E Consortium December 13 Proposal noted that Party E Consortium would provide an equity
commitment letter to cover all the merger consideration payable to Enfusion equityholders. Based on feedback provided at the direction of the Special Committee by representatives of Goldman Sachs to representatives of the Party E Consortium, the
Party E Consortium December 13 Proposal noted that the Party E Consortium would not require pre-signing discussions with respect to a potential rollover by existing Enfusion Stockholders, though
representatives of Goldman Sachs noted that the Party E Consortium continued to verbally request to have such discussions. The Party E Consortium indicated in its offer that it would not proceed with its final diligence or its increased offer unless
it received a countersigned exclusivity agreement by noon Eastern Time on December 16, 2024.

On December 15, 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 status of the strategic transaction process, including the most recent bid by
the Party E Consortium and their interactions with representatives of the Party E Consortium and Clearwater over the preceding weeks. Representatives of Dechert briefed the Special Committee