Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 36

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 36
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 Takeover Proposal made orally be made in writing, and may furnish pursuant thereto information (including non-public information) and afford access to the business, properties, assets, books or records of Maiden, and provide information to, and engage in discussions and negotiations with, third parties in response to an unsolicited Takeover Proposal that the Maiden board has determined in good faith, after consultation with its financial advisor and outside legal counsel, constitutes or which is reasonably expected to lead to a Superior Proposal (as defined below) and failure to take the following action or actions would be inconsistent with the directors’ fiduciary duties under applicable law. Prior to furnishing any nonpublic information to or engaging in such discussions or negotiations with a third party, Maiden must enter into an Acceptable Confidentiality Agreement (as defined below).

The combination agreement generally restricts the ability of the Maiden board from withdrawing its recommendation that its shareholders adopt the combination agreement. However, the Maiden board may withdraw its recommendation (i) in circumstances not involving or relating to a Takeover Proposal, if the Maiden board concludes in good faith, after consultation with its financial advisors and outside legal counsel, that failure to take such action would be inconsistent with the directors’ fiduciary duties under applicable law; or (ii) in response to a Superior Proposal, if the Maiden board has determined in good faith, after consultations with Maiden’s financial advisors and outside legal counsel, that failure to take such

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action would be inconsistent with the directors’ fiduciary duties under applicable laws, and, in both cases, Maiden has notified Kestrel in writing at least five business days in advance of its intention to effect such action and, in the case of clause (ii), with additional notice required to be given in the event of any revision to the financial terms or other material terms of such Superior Proposal.

Combination Agreement — Conditions to the Completion of the Transaction (Page 129)

Conditions to Maiden, Kestrel, the Kestrel equityholders, US NewCo, Bermuda NewCo and the Merger Subs Obligations to Complete the Transaction

The respective obligations of Maiden, Kestrel, the Kestrel equityholders, US NewCo, Bermuda NewCo and the Merger Subs to effect the transaction are subject to the satisfaction (or waiver by Kestrel, Maiden and each of KILH and AmTrust, if permissible under applicable law) on or prior to the date of the closing of the following