Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 198

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 198
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other than any breach that is immaterial in scope and effect), then (i) Maiden and its representatives may contact such person or group making the Takeover Proposal and engage in discussions to clarify the terms and conditions thereof, or to request that any Takeover Proposal made orally be made in writing and (ii) if the Maiden board has determined in good faith, after consultation with Maiden’s financial advisors and outside legal counsel, that such Takeover Proposal constitutes or would reasonably be expected to lead to a Superior Proposal and failure to take the following action or actions would be inconsistent with the directors’ fiduciary duties under applicable law, then Maiden and its representatives may (x) enter into a confidentiality agreement with the person or group making the Takeover Proposal that contains provisions that are not less favorable in the aggregate to Maiden than those contained in the confidentiality agreement and does not prohibit Maiden from complying with its obligations set forth in the combination agreement (an “Acceptable Confidentiality Agreement”) and furnish pursuant thereto information (including non-public information) with respect to Maiden and its subsidiaries and afford access to the business, properties, assets, books or records of Maiden or any of its subsidiaries to the person or group who has made such Takeover Proposal (including their respective representatives); provided that Maiden will simultaneously provide to Kestrel any information with respect to Maiden and its subsidiaries that is provided to any person to the extent access to such information was not previously provided to Kestrel and its representatives; and (y) after entering into an Acceptable Confidentiality Agreement, engage in or otherwise participate in discussions or negotiations with the person or group and their respective representatives making such Takeover Proposal. In no event may Maiden or any of its subsidiaries or any of their respective representatives directly or indirectly reimburse or pay, or agree to reimburse or pay, the fees, costs or expenses of, or provide or agree to provide any compensation to, any person or group (or any of its or their representatives or potential financing sources) making a Takeover Proposal.

Additionally, Maiden has agreed to notify prompt (and in any event within twenty-four hours after the first director or executive officer of Maiden becomes aware of receipt) notify Kestrel in the event that Maiden or any of its subsidiaries or its or their representatives receives a Takeover Proposal and will disclose to Kestrel the material terms and conditions of any such Takeover Proposal (including unredacted copies of any written requests, proposals, offers, proposed agreements and all material correspondence or other material written documentation with respect thereto (and written summaries