Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 131

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 131
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 potential upside of the combined company’s businesses;

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that the percentage ownership that former Maiden shareholders will have in the combined company was obtained following extensive negotiations (as more fully described in the section above entitled “— Background of the Transaction”), and represented the highest percentage ownership reasonably obtainable under the circumstances;

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the information reviewed by and discussed by the Maiden board concerning the business, assets, liabilities, financial performance and results of operations, and financial condition and prospects of Maiden and Kestrel, including the projections for Kestrel discussed below under the caption “— Unaudited Prospective Financial Information;”

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that the combined company will have an option to acquire the AmTrust Insurance Companies from AmTrust pursuant to the amended and restated option agreement;

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the opinion of IAP, dated December 29, 2024, delivered to the Maiden board that, as of such date and based upon and subject to the assumptions made and qualifications and limitations to be described in the written opinion, as more fully described below under the caption “— Opinion of Maiden’s Financial Advisor,” the Kestrel merger consideration was fair, from a financial point of view, to Maiden and Maiden shareholders;

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that the combined company will be led by an experienced management team with decades of experience in specialty program and reinsurance underwriting, including Mr. Luke Ledbetter as Chief Executive Officer, Mr. Terry Ledbetter as Executive Chairman and Mr. Haveron, Maiden’s current Chief Executive Officer and Chief Financial Officer, as the President and Chief Financial Officer;

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the Maiden board’s belief that the terms and conditions of the combination agreement, including the parties’ representations and warranties, covenants, termination provisions, termination fees and closing conditions, were obtained through extensive negotiations and are reasonable for a transaction of this nature, and that the transaction is likely to be consummated pursuant to such terms and conditions;

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that the first merger is subject to the approval of holders of at least a majority of the issued and outstanding Maiden shares that are present (in person or by proxy) at the Maiden special meeting (if the first merger approval bye-law proposal is approved) or a majority of three-fourths of the issued and outstanding Maiden shares that are present (in person or by proxy) at the Maiden special meeting (if the first merger approval bye-law proposal is not approved);

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that the terms of the combination agreement permit Maiden, prior to the time that Maiden shareholders approve the first merger, to engage in or otherwise