Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 119

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 119
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 liabilities. Following discussions among the Maiden board members, Maiden management and Maiden’s advisors, the Maiden board authorized Maiden management to continue the discussions with Kestrel and AmTrust.

On June 19, 2024, Maiden delivered an initial counterproposal to Kestrel in the morning (the “Initial June 19 Proposal”). The Initial June 19 Proposal valued Kestrel at up to $247 million and proposed:

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closing consideration of 57.5 million Maiden shares, 5.75 million of which would be escrowed and subject to forfeiture if none of Kestrel’s 2025 EBITDA, 2026 EBITDA or 2027 EBITDA was at least $15 million, $22.5 million or $30 million, respectively; and

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earnout consideration of up to $125 million, payable in cash, Maiden shares or a combination of cash and Maiden shares, if Kestrel’s 2027 EBITDA was between $30 million and $75 million.

Later that same day, Maiden delivered a revised proposal to Kestrel (the “Revised June 19 Proposal”). The Revised June 19 Proposal valued Kestrel at up to $252 million and proposed:

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closing consideration of 60 million Maiden shares, 9 million of which would be escrowed and subject to forfeiture if none of Kestrel’s 2025 EBITDA, 2026 EBITDA or 2027 EBITDA was at least $15 million, $22.5 million or $30 million, respectively; and

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earnout consideration of up to $125 million, payable in cash, Maiden shares or a combination of cash and Maiden shares, if Kestrel’s 2027 EBITDA was between $30 million and $75 million.

The Revised June 19 Proposal also accepted the June 12 Counterproposal’s post-closing composition of the Maiden board. Following discussions among the parties that day, each of Kestrel and AmTrust indicated that it was interested in pursuing a business combination with Maiden on the terms set out in the Revised June 19 Proposal, and the parties set out to document such agreement in a non-binding letter of intent.

On June 20, 2024, Mr. Haveron informed the Maiden board that the parties had reached an agreement in principle to pursue a transaction on terms consistent with the Revised June 19 Proposal.

On June 21