Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 135

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 135
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29, 2024 (the “Opinion”), that, as of such date, and based upon and subject to the assumptions, qualifications and limitations set forth therein, the Kestrel merger consideration to be received in the transaction by the Kestrel equityholders pursuant to the combination agreement was fair, from a financial point of view, to Maiden and Maiden shareholders.

The full text of the Opinion, which sets forth, among other things, the assumptions made, procedures followed, matters considered and qualifications and limitations on the review undertaken by IAP in connection with rendering its Opinion, is attached as Annex C to this proxy statement/prospectus. The description of the Opinion set forth below is qualified in its entirety by reference to the full text of the Opinion.

The Opinion speaks only as of the date of the Opinion. The Opinion was delivered for the information of the Maiden board (in its capacity as such) in connection with its evaluation of the transaction. The Opinion addresses only the fairness, from a financial perspective, to Maiden and Maiden shareholders of the Kestrel merger consideration to be received in the transaction by the Kestrel equityholders pursuant to the combination agreement. The Opinion does not address, and IAP did not express any view or opinion as to, the underlying business decision of the Maiden board to engage in the transaction or any other aspect of the transaction. The Opinion does not constitute a recommendation as to how any person should vote or act in connection with the transaction or any other matter.

In arriving at its Opinion, IAP, among other things:

•

reviewed a draft, dated December 29, 2024, of the combination agreement (the “draft combination agreement”);

•

reviewed certain non-public financial and operating information relating to the business, operations and prospects of Kestrel furnished to IAP by management of Kestrel, including certain internal analyses and financial forecasts and projections (including assumptions thereto) relating to Kestrel that were prepared by management of Kestrel (“Management Projections”), which Maiden directed IAP to utilize in its financial analyses for purposes of delivering its Opinion;

•

compared certain financial information of Kestrel with similar information, to the extent available, for certain other companies that IAP deemed relevant whose equity securities are publicly traded;

•

reviewed the reported prices and trading activity for the Maiden Shares;

•

compared the financial terms of the transaction with the financial terms, to the extent publicly available, of certain other transactions that IAP deemed relevant;

•

held discussions with certain members of senior