Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 128

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 128
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 of representatives of Appleby regarding the duties of directors of a Bermuda company. Representatives of IAP presented their financial analyses of the potential transaction, materials with respect to which had been provided to the Maiden board in advance of the meeting. The Maiden board then asked questions of representatives of IAP regarding IAP’s financial analyses. After responding to the questions, IAP delivered its oral opinion (subsequently confirmed by delivery of a written opinion dated December 29, 2024) that, as of such date and based upon and subject to the assumptions made and qualifications and limitations to be described in its written opinion, the Kestrel merger consideration was fair, from a financial point of view, to Maiden and Maiden shareholders (see the section entitled “Opinion of Maiden’s Financial Advisor” beginning on page 85).

Mr. Metz, with the assistance of representatives of Paul, Weiss, then reviewed with the Maiden board the resolutions proposed to be adopted by the Maiden board to approve the potential transaction, a draft of which had been provided to the Maiden board in advance of the meeting. After discussion and deliberation of the proposed terms of the transaction, and taking into consideration the matters discussed during the meeting and prior meetings of the Maiden board (including the factors described in the section entitled “— Reasons for the Transaction” beginning on page 82), the Maiden board (other than Mr. Barry Zyskind and Mr. Yehuda L. Neuberger, each of whom had recused himself from the meeting) unanimously adopted the resolutions, among other things, (i) determining that it was in the best interests of Maiden and fair to Maiden’s shareholders, and declaring it advisable, to enter into the combination agreement and the statutory merger agreement and to consummate the transactions contemplated thereby in accordance with the terms of the combination agreement (including the ancillary agreements attached as exhibits thereto), (ii) approving each of the Maiden bye-law amendments (as described in the sections entitled “PROPOSAL 1: Voting Cutback Proposal” and “PROPOSAL 2: First Merger Approval Bye-Law Proposal” beginning on page 173), (iii) approving and declaring advisable the Ledbetter Employment Agreements, (iv) authorizing the execution of the combination agreement, the statutory merger agreement and the Ledbetter Employment Agreements by certain members of Maiden management and (v) resolving to recommend and submit to the Maiden shareholders for approval at the Maiden shareholders meeting the voting cutback proposal, the first merger approval bye-law proposal and the first merger resolution