Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 200

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 200
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 to Rule 14d-2 of the Exchange Act (or such fewer number of business days as remain prior to the Maiden shareholders meeting as it may be adjourned or postponed), (v) fail to reaffirm (publicly, if so requested by Kestrel) the Maiden board recommendation within ten business days after receipt of a written request by Kestrel to make such reaffirmation following the receipt by Maiden of a Takeover Proposal (or a material modification thereto) (or, if the Maiden shareholders meeting is

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scheduled to be held within ten business days of such request, within five business days of such request, and in any event, prior to the date of Maiden shareholders meeting), (vi) make any public statement inconsistent with the Maiden board recommendation or (vii) resolve or agree to take any of the foregoing actions (any prohibited action described in the foregoing being referred to as an “Adverse Recommendation Change”).

However, notwithstanding the foregoing or any other provision of the combination agreement to the contrary, prior to the time the approval by the Maiden shareholders of the first merger resolution is obtained, the Maiden board may (i) with respect to an Intervening Event, if the Maiden board has determined in good faith, after consultation with Maiden’s financial advisors and outside legal counsel, that failure to take such action would be inconsistent with the directors’ fiduciary duties under applicable law, make an Adverse Recommendation Change and (ii) with respect to a Superior Proposal, if the Maiden board has determined in good faith, after consultation with Maiden’s financial advisors and outside legal counsel, that failure to take such action would be inconsistent with the directors’ fiduciary duties under applicable law, make an Adverse Recommendation Change, provided that Maiden has given Kestrel at least five business days’ prior written notice of its intention to make an Adverse Recommendation Change in accordance with the provisions of the combination agreement, and provided, further, that, (a) during such five business day period (it being understood and agreed that any change to the financial or other material terms and conditions of a Superior Proposal will require an additional Maiden notice to Kestrel of three business days running from the date of such notice), Maiden will have, and will have caused its representatives to, negotiate with Kestrel in good faith to make such amendments to the terms and conditions of the combination agreement as would enable the Maiden board to no longer make an Adverse Recommendation Change or a