Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 134

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 134
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 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, pendency or completion of the transaction, or the failure to complete the transaction, on Maiden’s relationships with its employees (including making it more difficult to attract and retain key personnel and the possible loss of key management, technical and other personnel), partners and other counterparties;

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the risks inherent in requesting, and the possibility of not obtaining in a timely manner, regulatory approvals from governmental authorities, as more fully described below under the caption “— Governmental and Regulatory Approvals;” and

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the risks of the type and nature described under the section entitled “Risk Factors,” and the matters described in such section under the caption “Cautionary Note Concerning Forward-Looking Statements.”

In addition, certain members of the Maiden board and executive officers have financial interests in the transaction that are different from, or in addition to, those of Maiden’s shareholders generally