Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 118

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 118
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 one director (in addition to Mr. Zyskind).

During this time, representatives of Paul, Weiss and Skadden engaged in discussions regarding potential transaction structures that would provide the Maiden U.S. shareholders and the Kestrel equityholders a tax deferral.

On June 14, 2024, the Maiden board held a meeting at which Maiden management and representatives of IAP, Paul, Weiss and Appleby were in attendance. Mr. Haveron provided the Maiden board with an update about both the June 11 Proposal and June 12 Counterproposal and indicated that negotiations were ongoing. Mr. Haveron also provided an update regarding the preliminary work undertaken by Maiden’s independent third-party actuary and independent reinsurance broker, in addition to discussions with AmTrust, with respect to a potential Commutation or retrocession of the AmTrust reinsurance liabilities. Following discussions among the Maiden board members, Maiden management and Maiden’s advisors, the Maiden board authorized Maiden management to continue the discussions with Kestrel and AmTrust.

On June 19, 2024, Maiden delivered an initial counterproposal to Kestrel in the morning (the “Initial June 19 Proposal”). The Initial June 19 Proposal valued Kestrel at up to $247 million and proposed:

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closing consideration of 57.5 million Maiden shares, 5.75 million of which would be escrowed and subject to forfeiture if none of Kestrel’s 2025 EBITDA, 2026 EBITDA or 2027 EBITDA was at least $15 million, $22.5 million or $30 million, respectively; and

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earnout consideration of up to $125 million, payable in cash, Maiden shares or a combination of cash and Maiden shares, if Kestrel’s 2027 EBITDA was between $30 million and $75 million.

Later that same day, Maiden delivered a revised proposal to Kestrel (the “Revised June 19 Proposal”). The Revised June 19 Proposal valued Kestrel at up to $252 million and proposed:

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closing consideration of 60 million Maiden shares, 9 million of which would be escrowed and subject to forfeiture if none of Kestrel’s 2025 EBITDA, 2026 EBITDA or 2027 EBITDA was at least $15 million, $22.5 million or $30 million, respectively; and

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earnout consideration