Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 130

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 130
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 of view, to Maiden and Maiden shareholders;

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that the combined company will be led by an experienced management team with decades of experience in specialty program and reinsurance underwriting, including Mr. Luke Ledbetter as Chief Executive Officer, Mr. Terry Ledbetter as Executive Chairman and Mr. Haveron, Maiden’s current Chief Executive Officer and Chief Financial Officer, as the President and Chief Financial Officer;

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the Maiden board’s belief that the terms and conditions of the combination agreement, including the parties’ representations and warranties, covenants, termination provisions, termination fees and closing conditions, were obtained through extensive negotiations and are reasonable for a transaction of this nature, and that the transaction is likely to be consummated pursuant to such terms and conditions;

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that the first merger is subject to the approval of holders of at least a majority of the issued and outstanding Maiden shares that are present (in person or by proxy) at the Maiden special meeting (if the first merger approval bye-law proposal is approved) or a majority of three-fourths of the issued and outstanding Maiden shares that are present (in person or by proxy) at the Maiden special meeting (if the first merger approval bye-law proposal is not approved);

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that the terms of the combination agreement permit Maiden, prior to the time that Maiden shareholders approve the first merger, to engage in or otherwise participate in discussions or negotiations with a person or group who has made an unsolicited bona fide Takeover Proposal, which the Maiden board determines in good faith, after consultation with its financial advisors and outside legal counsel, constitutes or would reasonably be expected to lead to a Superior Proposal;

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that the combination agreement allows the Maiden board, under specified circumstances, to change or withdraw its recommendation to Maiden shareholders with respect to the first merger resolution in response to a Superior Proposal or Intervening Event (as defined below);

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that the consideration payable to the Kestrel equityholders at the closing is a fixed amount of cash and a fixed number of Bermuda NewCo shares and, therefore, Maiden shareholders will not experience any dilution as a result of fluctuations in the market price of Maiden shares following the announcement of the transaction;

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that a significant portion of the Kestrel merger consideration is in the form of an earnout that will only be payable if the Kestrel Business realizes certain financial projections in the first three years following closing, which partially mitigates the risk that the Kestrel Business underperforms; and

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that the mergers were structured to be tax-efficient to the Maiden shareholders and Maiden