Company: TIPT
Filing Date: 2025-10-31
Form Type: DEFM14A
Source: 0001140361-25-039949
Chunk: 106

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: DEFM14A
Chunk 106
---
 the satisfaction of the conditions to closing and the consummation of the Merger and the other transactions contemplated by the Merger Agreement in light of the fact that the Merger Agreement was designed to provide substantial certainty that the Merger would be consummated on a timely basis; |

| • | the financial analysis and opinion, dated as of September 26, 2025, of Barclays to the Fortegra Board that, as of the date of such opinion and based upon and subject to the qualifications, limitations, assumptions and other matters stated therein, the aggregate consideration of $1,650,000,000 in cash in the Merger is fair, from a financial point of view, to holders of Fortegra common stock; |

52

TABLE OF CONTENTS

| • | the fact that the aggregate consideration of $1,650,000,000 in cash implies a multiple of 2.3x of Fortegra’s stated book value and 3.9x Fortegra’s stated tangible book value, in each case, for the second quarter of fiscal year 2025 and an estimated gross return to Tiptree of 14.1x on invested capital and 22.7% internal rate of return, in each case calculated prior to purchase price adjustments set forth in the Merger Agreement; |

| • | Purchaser’s reputation as a leading property and casualty insurance company; |

| • | the fact that the consideration to be paid by Purchaser is all cash, which provides certainty of value; |

| • | the representation made by Purchaser to Fortegra in the Merger Agreement that Purchaser will have at the closing cash on hand or available sources of capital necessary to consummate the transactions contemplated by the Merger Agreement on the terms and subject to the conditions set forth therein, as well as the absence of a financing condition to the closing; |

| • | Purchaser’s commitment in the Merger Agreement not to, and to cause its affiliates not to, take any action that could reasonably be expected to hinder or delay, as applicable, the obtaining of clearance or the expiration of the required waiting periods under the HSR Act or the obtaining of any required governmental consent (including the CFIUS Approval) or the effect of which would be to delay or impede the ability of the parties to the Merger Agreement to consummate the transactions contemplated by the Merger Agreement, subject to limited exceptions set forth in the Merger Agreement; |

| • | Tiptree’s entitlement to specific performance to prevent breaches