Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 110

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 110
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 on the issues raised by the transaction documents provided
by the Party E Consortium. The Special Committee discussed considerations to take into account in light of the fact that the Party E Consortium had proposed an all-cash offer and was more likely 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

69

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.

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