Company: TIPT
Filing Date: 2025-10-31
Form Type: DEFM14A
Source: 0001140361-25-039949
Chunk: 95

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: DEFM14A
Chunk 95
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, 2025, members of Tiptree management held a meeting with representatives of Barclays. At the meeting, Barclays presented alternatives for raising capital at Tiptree for Tiptree to repurchase the WP Investor’s interest in Fortegra.

On July 12, 2025, Purchaser requested updated financial results of Fortegra, and such updated financials were provided on July 17, 2025.

On July 14, 2025, and July 15, 2025, members of Tiptree management held discussions with an investment bank to discuss a proposal to finance Tiptree’s repurchase of the WP Investor’s interest in Fortegra.

On July 22, 2025, at the direction of Fortegra, representatives of Barclays and BofA Securities informed representatives of Goldman Sachs that Tiptree and the WP Investor expected Purchaser to increase its equity valuation of Fortegra to $1.7 billion but would not require a purchase price adjustment for earnings accrued after the transaction agreements were executed.

On July 27, 2025, representatives of Goldman Sachs communicated Purchaser’s final equity valuation of Fortegra of $1.65 billion (the “July 27 Valuation”).

Also on July 27, 2025, Tiptree made a proposal to the Family Office for it to make an investment in Tiptree to fund the repurchase of the WP Investor’s interest in Fortegra. The Family Office declined the opportunity presented at that time.

Between July 28 and August 1, 2025, multiple media sources reported that Purchaser had resumed talks to acquire Fortegra.

On July 28, 2025, the Fortegra Board held a regularly scheduled meeting. Following discussion, the Fortegra Board determined to continue negotiations with Purchaser based on the July 27 Valuation, subject to negotiation with Purchaser of acceptable definitive transaction documentation.

On July 29, 2025, the Tiptree Board held a regularly scheduled meeting attended by members of Tiptree management and a representative of Ropes & Gray to discuss, among other things, the July 27 Valuation and the prior day’s determination by the Fortegra Board. Following discussion regarding the implied price to book value, price to earnings and comparable transaction metrics, the Tiptree Board determined to continue negotiations with Purchaser based on the July 27 Valuation, subject to negotiation with Purchaser of acceptable definitive transaction documentation.

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