EX-99.CV 5 d947061dex99cv.htm EX-99.CV EX-99.CV

Exhibit (c)(v)

 

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Project Breeze Shareholder Base April 2025 Evercore


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Institutional Shareholder Summary Class A Top 250 Institutional Holders Class A Top 20 Institutional Shareholders Summary Other 7% Core Growth Price 4% $12.96 Deep Value (4/17/25): 5% Estimated Prem. / (Disc.) Position (% Outstanding) Hedge Fund Core Value 37% Rank Investor Style Cost Basis1 to Basis Current2 9/30/24 6% 1 Think Investments Hedge Fund $14.04 (7.7) % 16.1 % 13.5 % 2 Fidelity Mgmt. & Research GARP 34.40 (62.3) 8.7 14.5 Index 14% 3 The Vanguard Group Index 47.32 (72.6) 8.1 8.7 4 Columbia Threadneedle Investments Core Value 13.84 (6.3) 4.7 4.8 Broker-GARP Dealer 5 Royce Investment Partners Deep Value 12.93 0.2 3.7 3.6 21% 6% 6 Fidelity Institutional Asset Mgmt. GARP 14.85 (12.7) 3.5 0.0 Economic Ownership 7 Dalton Investments Hedge Fund 11.55 12.2 3.4 3.7 Bravo / Co-Founders: 8 SG Securities Broker-Dealer 14.13 (8.3) 3.2 0.6 ~80% Other Class A 20% 9 Fidelity Mgmt. & Research Mixed Style 11.94 8.6 2.7 14.5 10 Two Sigma Investments Hedge Fund 12.29 5.5 2.7 2.3 Tango Co-Founders 11 Renaissance Technologies Hedge Fund 12.18 6.4 2.5 2.5 28% 12 Dimensional Fund Advisors Quasi-Index 14.25 (9.1) 2.3 2.4 13 Seldon Capital Aggres. Gr. 14.13 (8.3) 1.9 2.2 Bravo 14 BlackRock Institutional Trust Index 49.43 (73.8) 1.7 2.0 52% 15 D. E. Shaw & Co. Hedge Fund 11.26 15.1 1.6 2.0 Voting Power3 16 MFS Invst. Mgmt. Core Growth 12.93 0.3 1.4 2.1 17 Marshall Wace Hedge Fund 11.69 10.8 1.2 1.6 Bravo / Co-Founders: Other Class A ~97% 3% 18 Jacobs Levy Equity Mgmt. Aggres. Gr. 13.26 (2.3) 1.0 1.4 19 Geode Capital Mgmt. Index 49.62 (73.9) 1.0 1.0 20 Goldman Sachs & Co. Broker-Dealer 13.53 (4.2) 0.8 0.8 Tango Co- Top 20 Total $19.48 (33.5) % 72.1 % 84.3 % Founders 32% Bravo 65% Source: Refinitiv Eikon, Company filings, FactSet Project Breeze Note: Grey shading represents broker-dealer positions; blue shading denotes activist positions 1 1. Estimated cost basis is a per share item calculated as the summed product of the volume-weighted average price over the periods when shares were purchased and the increase in shares over these periods divided by the total number of shares purchased during the most recent period of continuous ownership since 6/30/2021 2. Data based on 12/31/24 13F filings and any subsequent 13Ds and 13Gs 3. Class A has 1 vote/share and Class B has 10 votes/share


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These materials have been prepared by Evercore Group L.L.C. (“Evercore”) for the Special Committee of the Board of Directors of Tango to whom such materials are directly addressed and delivered and may not be used or relied upon for any purpose other than as specifically contemplated. These materials are based on information provided by or on behalf of the Company and/or other potential transaction participants, from public sources or otherwise reviewed by Evercore. Evercore assumes no responsibility for independent investigation or verification of such information and has relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance prepared by or reviewed with the Management of the Company and/or other potential transaction participants or obtained from public sources, Evercore has assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such Management (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Company. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. These materials have been developed by and are proprietary to Evercore and were prepared exclusively for the benefit and internal use of the Special Committee of the Board of Directors of the Company. These materials were compiled on a confidential basis for use by the Special Committee of the Board of Directors of the Company in evaluating the potential transaction described herein and not with a view to public disclosure or filing thereof under state or federal securities laws, and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the prior written consent of Evercore. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Evercore (or any affiliate) to provide or arrange any financing for any transaction or to purchase any security in connection therewith. Evercore assumes no obligation to update or otherwise revise these materials. These materials may not reflect information known to other professionals in other business areas of Evercore and its affiliates. Evercore and its affiliates do not provide legal, accounting or tax advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by Evercore or its affiliates to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. Each person should seek legal, accounting and tax advice based on his, her or its particular circumstances from independent advisors regarding the impact of the transactions or matters described herein. Project Breeze