Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 127

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 127
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 above, the potential earnout consideration to the Kestrel equityholders and other terms of the combination agreement, the disclosure schedules thereto and the ancillary agreements. The final terms as agreed to by the parties are summarized in the section entitled “The Combination Agreement” beginning on page 111.

On December 23, 2024, the Maiden board held a meeting at which Maiden management and representatives of IAP, Paul, Weiss and Appleby were in attendance. At the meeting, Mr. Haveron provided the Maiden board with an update as to the status of the transaction discussions and representatives of Paul, Weiss advised the Maiden board as to the material outstanding issues in the draft definitive agreements. The Maiden board asked questions of Maiden management, Paul, Weiss and Appleby, and authorized Maiden management to continue negotiations of definitive agreements with Kestrel and AmTrust.

On December 26, 2024, certain holders of Maiden Holdings North America, Ltd.’s senior unsecured 7.75% notes filed a lawsuit alleging that Maiden’s prior sale of Maiden Reinsurance North America, Inc. breached a provision of Maiden Holdings North America, Ltd.’s indenture (the “Noteholder Litigation”). Maiden, Kestrel and their respective representatives held a telephonic meeting to discuss the Noteholder Litigation, during which Maiden’s litigation counsel summarized the allegations and Maiden’s view that the litigation was meritless. Following this discussion, representatives of Kestrel advised Maiden management that Kestrel would not be willing to proceed with a transaction without an indemnity for losses that may arise from the Noteholder Litigation.

On December 27, 2024, the Maiden board held a meeting at which Maiden management and representatives of IAP, Paul, Weiss and Appleby were in attendance. At the meeting, Mr. Haveron provided the Maiden board with an update as to the status of the transaction discussions. Representatives of Paul, Weiss then updated the Maiden board about the material outstanding issues in the draft definitive agreements, including that Kestrel had requested indemnification for any losses arising from the Noteholder Litigation. The Maiden board asked questions of Maiden management, Paul, Weiss and Appleby, and authorized Maiden management to continue negotiations of definitive agreements with Kestrel and AmTrust, including providing the Kestrel equityholders with indemnification for any losses arising from the Noteholder Litigation.

On December 28 and 29, 2024, representatives of Paul, Weiss and Skadden, on behalf of their respective clients,