Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 160

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 160
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.K. Financial Conduct Authority and the Texas Department of Insurance. As of February 21, 2025, Maiden and Kestrel had submitted the required filings and notifications to the insurance regulators named above as part of the process to obtain the necessary regulatory clearances. The transaction cannot be completed until after the applicable waiting periods have expired or the relevant approvals or non-disapprovals have been obtained under the insurance laws and regulations of the jurisdictions listed above. The transaction will also require a post-closing notification and confirmation of no objection from the Bermuda Controller of Foreign Exchange to the change in beneficial ownership of Maiden. Non-disapproval was received from the Texas Department of Insurance on January 27, 2025. All required approvals from the U.K. Financial Conduct Authority were received between March 14, 2025 and March 19, 2025.

#### Foreign Direct Investment
Pursuant to the terms of the combination agreement, to the extent required by applicable law, the transaction is also subject to approval by the Swedish Inspectorate of Strategic Products. On February 20, 2025, Maiden and Kestrel submitted the required filings and notifications to the aforementioned regulator as part of the process to obtain the necessary regulatory clearances. The transaction cannot be completed until after the applicable waiting period has expired or the relevant approval has been obtained under the Swedish Screening of Foreign Direct Investments Act.

Other than the approvals and notifications described above, none of the parties is aware of any material regulatory approvals required to be obtained or made, or waiting periods required to expire, in connection with the transaction. If the parties determine that other approvals or filings and waiting periods are required by applicable law, they will seek to obtain or comply with them, although, as is the case with the regulatory approvals described above, there can be no assurance that additional approvals or actions will be obtained.

#### Accounting Treatment of the Transaction
Bermuda NewCo will be the legal acquiror of Kestrel. However, for accounting purposes, the transaction will be treated as a reverse acquisition and accounted for using the acquisition method in accordance with

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Accounting Standards Codification Topic 805, Business Combinations. As such, Maiden will be treated as the “acquired” company for accounting purposes. This determination is primarily based on the fact that, subsequent to the consummation of the transaction, former Kestrel equityholders will have a majority of the voting rights of the combined company assuming the shares held by Maiden