Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 133

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 133
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mate the transaction and the integration of Maiden’s and Kestrel’s businesses following consummation of the transaction;

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that the combined company will bear risks, including unknown contingent liabilities, with respect to Kestrel’s businesses arising prior to the consummation of the transaction;

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the restrictions in the combination agreement on Maiden’s conduct of business prior to the consummation of the transaction, which could delay or prevent Maiden from undertaking business opportunities that may arise, or taking other actions with respect to its operations that the Maiden board and Maiden management might believe were appropriate or desirable;

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the restrictions on Maiden’s ability to solicit possible alternative transactions under the combination agreement, including the fact that under the combination agreement, if Maiden were to receive an alternative transaction proposal that the Maiden board determines in good faith (after consultation with its financial advisors and outside legal counsel) constitutes or would reasonably be expected to result in a Superior Proposal:

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Maiden may not terminate the combination agreement in order to accept a Superior Proposal (although the Maiden board may, subject to certain conditions, change its recommendation to Maiden shareholders with respect to the first merger resolution); and

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Kestrel would have the right, subject to certain conditions, to negotiate with Maiden in good faith and respond within five business days to any such alternative transaction proposals;

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the fact that Maiden may be required to pay Kestrel (i) a $7 million termination fee if the combination agreement is terminated under specified circumstances, including a failure to consummate the second merger by the outside date, a failure to obtain regulatory approvals from governmental authorities, the imposition of a burdensome condition by a governmental authority or Maiden’s uncured breach of its representations or covenants (subject to materiality and material adverse effect qualifications), (ii) a $6.5 million termination fee if the combination agreement is terminated by Kestrel because the Maiden board changes its recommendation to Maiden shareholders with respect to the first merger resolution and the effect such termination fee could have on Maiden, including the possibility that such termination fee could discourage some potential transaction counterparties from making an alternative transaction proposal for Maiden, or (iii) a $2 million termination fee if the first merger resolution is not approved by Maiden shareholders, each as more fully described in the section entitled “The Combination Agreement — Termination Fees; Expenses;”

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the possibility that the transaction may not be consummated and the potential adverse consequences if the transaction is not consummated, including potential shareholder, investor and market reaction;

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the impact of the announcement, p