Tiptree Inc. (NASDAQ: TIPT) has just announced that Institutional Shareholder Services Inc. (ISS) has recommended that Tiptree stockholders vote "for" the approval of the agreement and plan of merger by and among Tiptree, the Fortegra Group, Inc. (Fortegra), and DB Insurance Co., Ltd. (DB), providing for the acquisition by DB of all of the outstanding stock of Fortegra in an all-cash deal.
ISS noted that Tiptree explored alternative transaction structures, including an IPO, an outright sale of Tiptree, and buying out Warburg Pincus' stake in Fortegra, with no success. This supports the board's argument that the offer presented is likely the best available at this time.
Tiptree has delivered strong TSR (total shareholder return) over the past five years, outpacing peers and the broader market, indicating a strong long-term track record.
Tiptree's executive chairman, Michael G. Barnes, emphasized the compelling value of the Fortegra transaction for stockholders, and urged shareholders to vote "for" the merger proposal at the upcoming special meeting on December 3rd.
Tiptree Inc., established in 2007, allocates capital to select small and middle market companies with the mission of building long-term value. The company has a significant track record investing across various industries and asset types, including insurance, asset management, specialty finance, real estate, and shipping sectors. Today the company's shares have moved 0.21% to a price of $18.66. Check out the company's full 8-K submission here.
