M&A
confidence high
sentiment neutral
materiality 0.75
Tiptree sells Reliance First Capital to Carrington for 93.5% of tangible book value
TIPTREE INC.
- Purchase price equals 93.5% of estimated Tangible Book Value at closing, minus expenses and taxes, plus specified cash amounts.
- Closing subject to regulatory approvals and no government prohibition; outside date April 30, 2026, extendable by 30 days.
- Key employees Hugh Miller, Richard Blass, Lee Miller, Marc Miller to enter employment agreements with Buyer at closing.
- Representations and warranties survive 6 years for fundamental reps; tax reps survive until statute of limitations plus 90 days.
- Indemnification for breaches of fundamental representations and covenants, subject to limitations.