Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 199

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 199
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 of the aggregate voting power of Maiden or of the surviving entity in such transaction or the resulting direct or indirect parent of Maiden or such surviving entity; or

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combination of the foregoing.

For purposes of the combination agreement, “Superior Proposal” means a bona fide written Takeover Proposal that did not result from a breach of the no solicitation covenants in the combination agreement (other than any breach that is immaterial in scope and effect) and that the Maiden board has determined in its good faith judgment, after consultation with its financial advisors and outside legal counsel, and taking into account all relevant (in the reasonable view of the Maiden board) financial, legal, regulatory and other such aspects of such Takeover Proposal (including any termination fee and conditions to consummation and the identity of the person making such Takeover Proposal) and the combination agreement, is:

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reasonably likely to be consummated in accordance with its terms; and

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more favorable to the Maiden shareholders (solely in their capacities as such) from a financial point of view than the transaction;

provided, that, for purposes of the definition of “Superior Proposal,” the references to “twenty percent (20%)” in the definition of “Takeover Proposal” will be deemed to be references to “fifty percent (50%).”

Notwithstanding anything contained in the combination agreement to the contrary, if at any time prior to obtaining the approval by Maiden shareholders of the first merger resolution Maiden receives a bona fide Takeover Proposal, which Takeover Proposal did not result from any breach of the no solicitation provisions of the combination agreement (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