Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 177

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 177
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 in the combination agreement. Moreover, information concerning the subject matter of the representations and warranties, which does not purport to be accurate as of the date of this proxy statement/prospectus, may have changed since the date of the combination agreement.

For the foregoing reasons, the representations, warranties and covenants or any descriptions of those provisions should not be read alone or relied upon as characterizations of the actual state of facts or condition of Kestrel, the Kestrel equityholders, Maiden, Bermuda NewCo, US NewCo and the Merger Subs or any of their respective subsidiaries or affiliates. Instead, such provisions or descriptions should be read only in conjunction with the other information provided elsewhere in this document or incorporated by reference into this proxy statement/prospectus.

Description of the Kestrel Contribution and the First and Second Mergers

The combination agreement provides that, upon the terms and subject to the conditions set forth therein, Maiden and Kestrel will effect a transaction to combine their respective businesses through: (a) the contribution of all of the Kestrel units owned by each Kestrel equityholder to US NewCo, (b) the merger of Merger Sub I with and into Maiden with Maiden surviving the first merger as a direct wholly owned subsidiary of US NewCo and (c) the merger of Merger Sub II with and into US NewCo with US NewCo surviving the second merger as a direct wholly owned subsidiary of Bermuda NewCo. Upon the consummation of the mergers, Maiden and Kestrel will be indirect wholly owned subsidiaries of Bermuda NewCo, which will be rebranded as Kestrel Group following the closing and whose shares are expected to be listed for trading on Nasdaq.

Closing of the Kestrel Contribution and the Mergers

Unless another time is agreed to by Kestrel and Maiden, the closing will occur on the third business day following the satisfaction or (to the extent permitted by the combination agreement and by applicable law) waiver of the conditions set forth in the combination agreement (other than those conditions that by their nature are to be satisfied on the closing, but subject to the satisfaction or (to the extent permitted by the combination agreement and by applicable law) waiver of those conditions at such time). For a description of the conditions to the closing of the mergers, see the section entitled “— Conditions to the Completion of the Transaction” beginning on page 130.

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