Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 108

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 108
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 to be able to promptly sign a definitive
merger agreement and that Clearwater could potentially propose an attractive offer that was comprised of both cash and Clearwater Common Stock and that it could take more time for Clearwater to be able to sign a definitive merger agreement.

Later on December 15, 2024, at the direction of the Special Committee, representatives of Goldman Sachs communicated to
representatives of the Party E Consortium that the Party E Consortium December 13 Proposal was inadequate with respect to price and the Special Committee would not be granting the Party E Consortium exclusivity. Representatives of Goldman Sachs
also noted to representatives of the Party E Consortium certain issues raised by its markup of the draft merger agreement.

On
December 19, 2024, Clearwater submitted a written non-binding indication of interest to acquire 100% of the outstanding capital stock of Enfusion for $11.75 per share, approximately 61% of which to
be paid in cash and 39% to be paid in Clearwater Common Stock, assuming that Clearwater would pay no more than $50 million to terminate the TRA and that any additional waived value beyond such amount would accrue to the benefit of Enfusion
Stockholders on a dollar-for-dollar basis. Based on the information available to it, the Special Committee determined that this indication of interest equated to a per
share price of approximately $11.09 if no portion of the TRA was waived. This proposed price of $11.09 implied a premium to the Unaffected Price of approximately 29.7% (the “”). The
Clearwater December 19 Proposal noted that Clearwater expected voting and support agreements to be entered into at signing by certain of Enfusion’s stockholders.

On December 20, 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 their most recent interactions with the Party E Consortium, Party P and Clearwater. Representatives of Goldman Sachs also
briefed the Special Committee on certain financial information relating to management’s updated expectations for the financial performance of Enfusion for the fourth quarter of 2024 and the full year 2024.

Also on December 20, 2024, Party P declined to further engage in the sale process, citing that Enfusion’s financial profile would be
challenging to underwrite at a competitive valuation.

68

On December 21, 2024, Sand