Tiptree Inc. (NASDAQ: TIPT) has received a favorable recommendation from Institutional Shareholder Services Inc. (ISS) to proceed with the merger agreement involving the acquisition of all outstanding stock of Fortegra by DB Insurance Co., Ltd. This all-cash deal has been the result of a competitive sales process, including exploration of alternative transaction structures such as an IPO, outright sale, and buying out Warburg Pincus' stake in Fortegra, with no success.
Over the past five years, Tiptree has delivered strong Total Shareholder Return (TSR), outpacing peers and the broader market. This robust performance has underscored the value of the Fortegra transaction for Tiptree stockholders, as noted by ISS.
Tiptree's executive chairman, Michael G. Barnes, emphasized the unanimous recommendation by the board for stockholders to vote "for" the merger proposal at the upcoming special meeting on December 3rd. He also highlighted the importance of every vote, stating that a failure to vote will have the same effect as a vote against approval of the merger proposal.
Tiptree Inc., established in 2007, allocates capital to select small and middle market companies with a focus on building long-term value. Its investment portfolio spans various industries and asset types, including insurance, asset management, specialty finance, real estate, and shipping sectors. With a significant track record and flexible capital base, Tiptree aims to uncover compelling investment opportunities and support management teams in unlocking the full value potential of their businesses. As a result of these announcements, the company's shares have moved -0.11% on the market, and are now trading at a price of $18.60. If you want to know more, read the company's complete 8-K report here.
