Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 240

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 240
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 acting in their own interest, might reasonably approve the scheme. Any scheme must be approved by a majority in number being no less than three-fourths in value of the shareholders present and voting either in person or by proxy at the requisite special general meeting. If there are dissenting shareholders who hold more than 10% of the shares, Bermuda courts might be persuaded not to exercise their discretion to sanction the scheme on the grounds that the scheme constitutes a takeover under the Bermuda Companies Act and requires 90% acceptance.

(b) By a squeeze-out of minority shareholders in a Bermuda company in the form of a general offer by a potential acquirer followed by a squeeze-out permitted under the Bermuda Companies Act upon acquisition of shares up to the statutory threshold. When an offer is made for shares of another company and, within four months of the offer, the holders of not less than 90% in value of the shares which are the subject of the offer (other than shares held by or for the offeror or its subsidiaries) accept, the offeror may by notice require the nontendering shareholders to transfer their shares on the terms of the offer. Dissenting shareholders may apply to a Bermuda court within one month of the notice objecting to the transfer. In the absence of special circumstances, the Court will only interfere with a squeeze-out on the application of a dissenting shareholder where it is affirmatively established that, notwithstanding the views of a very large majority of shareholders, the offer is unfair to the body of shareholders as a whole. As 90% of shareholders will have already accepted the offer, the Court will, prima facie, regard the offer as a fair one. A dissenting shareholder’s application for relief must therefore demonstrate substantial unfairness and will not be granted only on the basis that: (i) there are valid criticisms of the offer, or (ii) a better or fairer offer might have been made.

(c) By the holders of 95% or more of the Bermuda company’s shares or any class of such company’s shares serving a notice on the remaining shareholders or class of shareholders under the Bermuda Companies Act.

Delaware law provides that a parent corporation, by resolution of its board of directors and without any shareholder vote, may merge with any subsidiary of which it owns at least 90% of the outstanding shares of each class of stock that is entitled to vote on the transaction. Upon any such merger, dissenting shareholders of the subsidiary would have appraisal rights.

#### Interested Directors
Bermuda law and the Bermuda NewCo bye