Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 201

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 201
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 determination that a Takeover Proposal constitutes a Superior Proposal and (b) the Maiden board will have determined following the end of such five business day period (as it may be extended pursuant to the combination agreement, after considering the results of such negotiations and any amendments to the combination agreement committed to in writing by Kestrel, if any, after consultation with Maiden’s financial advisors and outside legal counsel, (1) that the Superior Proposal giving rise to such notice continues to be a Superior Proposal or (2) that failure to make an Adverse Recommendation Change in respect of the applicable Intervening Event or Superior Proposal, would be inconsistent with the directors’ fiduciary duties under applicable law.

For purposes of the combination agreement, “Intervening Event” means any material event, change, circumstance or event with respect to Maiden or any of its subsidiaries occurring or arising after the date of the combination agreement that (a) was not known to, or reasonably foreseeable by, the Maiden board prior to the execution of the combination agreement, which effect, change, circumstance or event becomes known to the Maiden board prior to the receipt of the approval by the Maiden shareholders of the first merger resolution and (b) does not relate to (i) any Takeover Proposal, (ii) any change, in and of itself, in the market price, ratings or trading volume of Maiden’s or any of its subsidiaries’ securities, (iii) Maiden meeting or failing to meet or exceeding any published or unpublished projections, forecasts, budgets, operational metrics or estimates, in each case in and of itself or (iv) any change in applicable law, GAAP (or interpretation or enforcement thereof) or in applicable statutory accounting principles prescribed or permitted by an applicable insurance regulator (or interpretation or enforcement thereof), including accounting and financial reporting pronouncements by the SEC, the National Association of Insurance Commissioners, any insurance regulator and the FASB.

Maiden, the Maiden board and its committees are not prohibited from (i) taking and disclosing to the Maiden shareholders a position or communication contemplated by Rule 14e-2(a), Rule 14d-9 (including a customary “stop, look and listen” communication pursuant to Rule 14d-9(f)) or Item 1012(a) of Regulation M-A promulgated under the Exchange Act or (ii) making any factually accurate disclosure to the Maiden Shareholders not in violation of the combination agreement if the Maiden board determines in good faith, after consultation with its outside legal counsel, that the failure to make such