Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 114

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 114
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 TrueCar and the prices and trading activity of shares of Common Stock with that of certain other publicly-traded companies comparable with TrueCar and their securities;

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(7)

reviewed the financial terms, to the extent publicly available, of certain comparable acquisition transactions;

(8)

reviewed certain publicly available research analyst reports for TrueCar, including price targets and consensus financial projections;

(9)

participated in certain discussions and negotiations among representatives of TrueCar, Parent and Fair and their respective financial and legal advisors;

(10)

reviewed a draft, dated October 14, 2025, of the Merger Agreement, the Equity Commitment Letter and certain related documents; and

(11)

performed such other analyses, reviewed such other information and considered such other factors as Morgan Stanley has deemed appropriate.

Morgan Stanley assumed and relied upon, without independent verification, the accuracy and completeness of the information that was publicly available or supplied or otherwise made available to it by TrueCar, and formed a substantial basis for its opinion. With respect to the Financial Projections (as defined below), Morgan Stanley assumed that they had been reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of TrueCar of the future financial performance of TrueCar. Morgan Stanley expressed no view as to the Financial Projections or the assumptions on which they were based. In addition, Morgan Stanley assumed that the Merger will be consummated in accordance with the terms set forth in the Merger Agreement without any waiver, amendment or delay of any terms or conditions, including, among other things, that Parent will obtain financing in accordance with the terms set forth in the Equity Commitment Letter and that the definitive Merger Agreement would not differ in any material respect from the draft thereof furnished to Morgan Stanley. Morgan Stanley assumed that in connection with the receipt of all the necessary governmental, regulatory or other approvals and consents required for the proposed Merger, no delays, limitations, conditions or restrictions will be imposed that would have a material adverse effect on the contemplated benefits expected to be derived in the proposed Merger. Morgan Stanley is not a legal, tax or regulatory advisor. Morgan Stanley is a financial advisor only and relied upon, without independent verification, the assessment of TrueCar and its legal, tax and regulatory advisors with respect to legal, tax and regulatory matters. Morgan Stanley expressed no opinion with respect to the fairness of the amount or nature of the compensation to any of TrueCar’s officers, directors or