Company: MHLA
Filing Date: 2025-03-24
Form Type: 425
Source: 0001104659-25-027214
Chunk: 1

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-24
Form: 425
Chunk 1
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 1934 (§240.12b-2 of this chapter).

Emerging growth company¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨

Item 1.01 Entry into a Material Definitive Agreement

As previously announced, on December 29,
2024, Maiden Holdings, Ltd., a Bermuda exempted company limited by shares (“Maiden”), entered into a Combination
Agreement (the “Combination Agreement”) with Kestrel Group, LLC, a Delaware limited liability company (“Kestrel”),
the equityholders of Kestrel (the “Kestrel Equityholders”), Ranger U.S. Newco LLC, a Delaware limited liability company
(“US NewCo”), Ranger Bermuda Merger Sub Ltd, a Bermuda exempted company limited by shares and a direct wholly owned
subsidiary of US NewCo (“Merger Sub 1”), Ranger Bermuda Topco Ltd, a Bermuda exempted company limited by shares (“Bermuda NewCo”), and Ranger Merger Sub 2 LLC, a Delaware limited liability company and a direct wholly owned subsidiary of Bermuda NewCo
(“Merger Sub 2” and, together with Maiden, Kestrel, the Kestrel Equityholders, US NewCo, Merger Sub 1 and Bermuda NewCo,
the “Parties”). On February 17, 2025, the Parties entered into a letter agreement amending the Combination Agreement.
All capitalized terms used in this Form 8-K and not otherwise defined herein shall have the same meaning given to such terms in the
Combination Agreement.

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 Class A units and Class B units of Kestrel owned by each Kestrel Equityholder
to US NewCo, (b) the merger of Merger Sub 1 with and into Maiden (the “First Merger”), with Maiden surviving the
First Merger as a direct wholly owned subsidiary of US NewCo and (c) the merger of Merger Sub 2 with and into US NewCo (the “Second Merger” and, together with the First Merger, the “Mergers”) with US