Company: TIPT
Filing Date: 2025-10-31
Form Type: DEFM14A
Source: 0001140361-25-039949
Chunk: 86

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: DEFM14A
Chunk 86
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A Securities and KBW to lead a sale process for a deal that was expected to come to market in the ensuing month. After

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this article was published, four additional parties contacted representatives of Barclays or BofA Securities to express interest in a potential transaction with Fortegra, and representatives of Barclays and BofA Securities promptly informed members of the Fortegra Board of such additional interest.

On January 23, 2025, the Tiptree Board held a regularly scheduled meeting, which was attended by members of Tiptree management and a representative of Ropes & Gray LLP (“Ropes & Gray”), Tiptree’s and Fortegra’s outside legal counsel. At the meeting, members of Tiptree management provided an update on the ongoing diligence being undertaken by Purchaser and Company C and an update on ongoing outreach to other prospective acquirers, including the status of discussions with each party and that eight parties had declined to move forward with discussions.

On January 24, 2025, at the direction of Fortegra, representatives of Barclays and BofA Securities sent a first-round process letter (the “January 24 Process Letter”) to six prospective strategic counterparties, including Purchaser and Company C, inviting such prospective acquirers to submit an indicative, non-binding proposal to acquire Fortegra by February 19, 2025.

Following dissemination of the January 24 Process Letter, members of Fortegra management, and at the direction of Fortegra, representatives of Barclays and BofA Securities held numerous discussions with prospective acquirers, including Purchaser and Company C, regarding diligence matters and such prospective acquirers’ interest in Fortegra. Four of the six prospective acquirers who received the January 24 Process Letter did not submit a proposal.

On February 13, 2025, members of Fortegra management visited Company C’s headquarters to meet with representatives of Company C and discuss Fortegra’s growth strategy, potential commercial and strategic collaborations between Fortegra and Company C and a potential transaction between the parties.

On February 17, 2025, representatives of Goldman Sachs confirmed to representatives of Barclays and BofA Securities that Purchaser intended to submit a bid in connection with the January 24 Process Letter. Subsequently, on February 19, 2025, Fortegra received a non-binding indication of interest from Purchaser, which ascribed to Fortegra an equity valuation of $1.9 to $2.0 billion (