Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 198

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 198
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 expected to lead to, a Takeover Proposal;

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amend, waive or fail to enforce any confidentiality, “standstill” or similar obligation of any person under any previously executed confidentiality agreement (provided that if the Maiden board determines in good faith, after consultation with Maiden’s outside legal counsel, that failure to take such action would be inconsistent with the directors’ fiduciary duties under applicable law, then Maiden may waive any such “standstill” or similar obligation to the extent necessary to permit the person bound by such provision or agreement to make a Takeover Proposal to the Maiden board on a non-public basis);

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continue, engage in or otherwise participate in any discussions or negotiations regarding, or furnish to any other person any non-public information or afford access to the business, properties, assets, books, or records of Maiden or any of its subsidiaries for the purpose of facilitating, a Takeover Proposal; or

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approve or recommend, make any public statement approving or recommending, or enter into any letter of intent, memorandum of understanding, agreement in principle, merger agreement, acquisition agreement, amalgamation agreement or other similar agreement that constitutes or would reasonably be expected to lead to a Takeover Proposal.

For purposes of the combination agreement, “Takeover Proposal” means any inquiry, proposal (whether or not in writing) or offer, from any person or group of persons (other than Kestrel and its subsidiaries) relating to, in a single transaction or series of related transactions (other than the transaction), any direct or indirect:

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acquisition (including any reinsurance or retrocession transaction, or transaction that has similar risk transfer effects) that if consummated would result in any person or group 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