Company: TIPT
Filing Date: 2025-10-31
Form Type: DEFM14A
Source: 0001140361-25-039949
Chunk: 84

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: DEFM14A
Chunk 84
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 which ascribed to Fortegra an enterprise value of approximately $2.0 billion, and a corresponding equity value of approximately $1.7 billion, and indicated that the enterprise value could be increased based on the results of Company C’s due diligence. The Company C November 15 IoI also indicated that

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Company C would assume Fortegra’s outstanding debt obligations as of the closing of the acquisition of Fortegra, the purchase price would be reduced by the amount of transaction-related expenses incurred, and the proposal assumed that management-level employees would remain employed by Fortegra following the closing. Company C also requested exclusivity for a period of three months in connection with the submission of the Company C November 15 IoI.

On November 18, 2024, members of Tiptree management, representatives of the WP Investor and members of the Tiptree Board and the Fortegra Board met to discuss engagement of financial advisors for a potential sale of Fortegra. Based upon, among other things, Barclays’, BofA Securities’ and KBW’s respective familiarity with Fortegra and its qualifications, reputation and experience in the valuation of businesses and securities in connection with mergers and acquisitions generally, as well as substantial experience in transactions comparable to the Merger, Tiptree management, representatives of the WP Investor and members of Fortegra management determined that (i) each of Barclays and BofA Securities be engaged to act as Fortegra’s financial advisor in connection with Fortegra’s exploration of strategic alternatives and (ii) KBW be engaged to assist Fortegra in its preparation for potential strategic transactions.

On December 2, 2024, Fortegra entered into an engagement letter with KBW.

Beginning on December 20, 2024 and continuing through January 2025, at the direction of Fortegra, Barclays and BofA Securities contacted fifteen prospective counterparties who had not yet been subject to outreach or held discussions with Tiptree or Fortegra with respect to a potential transaction earlier in 2024, as well as Company C and Purchaser, to solicit their interest in a potential strategic transaction with Fortegra.

During this same period, Fortegra entered into non-disclosure agreements, none of which contained a standstill provision, with six prospective counterparties to a transaction, including Company C, and provided prospective counterparties with access to certain diligence materials. During this period, members of Fortegra management also hosted management presentations and held preliminary discussions with five potential strategic counterpart