Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 197

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 197
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 owning twenty percent (20%) or more of the consolidated assets (based on the fair market value thereof, as determined in good faith by the Maiden board), reserves, revenues or net income of Maiden and its subsidiaries;

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acquisition of Maiden shares representing twenty percent (20%) or more of the issued and outstanding Maiden shares;

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tender offer or exchange offer that if consummated would result in any person or group having beneficial ownership of Maiden shares representing twenty percent (20%) or more of the issued and outstanding Maiden shares;

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merger, amalgamation, consolidation, share exchange, share purchase, business combination, recapitalization, liquidation, dissolution or similar transaction involving Maiden or any of its subsidiaries pursuant to which such person or group (or the shareholders of any person) would acquire, directly or indirectly, twenty percent (20%) or more 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 (