Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 61

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 61
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 as of that date and based on and subject to the assumptions made, procedures followed, factors considered and limitations and qualifications described in the written opinion, the Kestrel merger consideration was fair, from a financial point of view, to Maiden and Maiden shareholders. Subsequent changes in the operations and prospects of Maiden or Kestrel, general market and economic conditions and other factors, on which the IAP opinion was based, may significantly alter the value of Maiden or Kestrel or the price of Maiden shares by the time the transaction is completed. The IAP opinion does not speak as of the time the transaction will be completed or as of any date other than the date of such opinion. Because the Maiden board does not anticipate asking IAP to update its opinion, the Maiden board will not receive an opinion as to the fairness, from a financial point of view, of the Kestrel merger consideration to Maiden and Maiden shareholders as of any time other than December 29, 2024. For a description of the opinion that the Maiden board received from IAP, see “The Transaction — Opinion of Maiden’s Financial Advisor.”

Maiden may in the future be the target of securities class action and derivative lawsuits, which could result in substantial costs and may delay or prevent the completion of the transaction.

Securities class action lawsuits and derivative lawsuits are often brought against public companies that have entered into transaction agreements in an effort to enjoin the relevant transactions or seek monetary relief. Maiden may in the future be a defendant in one or more lawsuits relating to the combination agreement and the transaction and, even if any such future lawsuits are without merit or resolved in Maiden’s favor, defending against these claims could result in substantial costs and divert management time and resources from pursuing the completion of the transaction and from other potentially beneficial business opportunities. Maiden cannot predict whether such lawsuits will be brought against Maiden or the outcome of such lawsuits or others, nor can Maiden predict the amount of time and expense that will be required to resolve such litigation. An unfavorable resolution of any such litigation surrounding the combination agreement and the transaction could delay or prevent the completion of the transaction, which may adversely affect Maiden’s, Kestrel’s or, if the transaction is completed but delayed, the combined company’s business, financial position and results of operations.

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TABLE OF CONTENTS

Risks Relating to the Combined Company Following the Transaction

The combined company may not be able to recover amounts due from its reinsurers, which would adversely affect its financial condition.

The