Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 202

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 202
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 disclosure would be inconsistent with the directors’ fiduciary duties under applicable law, provided that if such disclosure does not reaffirm the Maiden board recommendation or has the substantive effect of withdrawing, suspending or adversely amending or modifying the Maiden board recommendation, such disclosure will be deemed to be an Adverse Recommendation Change (it being understood that any factually accurate public statement by Maiden that merely describes Maiden’s receipt of a Takeover Proposal and the operation of the combination agreement with respect thereto and contains a “stop, look and listen” communication that contains only the information set forth in Rule 14d-9(f) will not be deemed to be an Adverse Recommendation

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Change so long as the Maiden board expressly publicly reaffirms the Maiden board recommendation in a subsequent disclosure on or before the earlier of (i) the last day of the ten business day period under Rule 14d-9(f) under the Exchange Act and (ii) three business days before the Maiden shareholders meeting).

#### Shareholders Meetings and Duty to Recommend
The combination agreement requires Maiden to duly call, give notice of, convene and hold a special meeting of its shareholders as promptly as practicable for the purpose of obtaining approval of the voting cutback proposal, the first merger approval bye-law proposal, the first merger resolution and the Bermuda NewCo equity plan proposal, and in any event within forty-five days following the date the SEC confirms that it has no further comments on this proxy statement/prospectus and this registration statement is declared effective. Maiden has agreed to use its reasonable best efforts to solicit and secure approval of each of the voting cutback proposal, the first merger approval bye-law proposal and the first merger resolution in accordance with applicable legal requirements including engaging a proxy solicitor reasonably acceptable to Kestrel to assist in the solicitation of proxies from shareholders relating to the voting cutback proposal, the first merger approval bye-law proposal and the first merger resolution.

#### Reasonable Best Efforts
Each of Maiden, Kestrel, the Kestrel equityholders, US NewCo, Bermuda NewCo and the Merger Subs has agreed to, and has agreed to cause its subsidiaries to, use reasonable best efforts to (i) take, or cause to be taken, all actions and do, or cause to be done, and assist and cooperate with the other parties in doing, all things necessary, proper or advisable to cause the conditions to closing to be satisfied as promptly as reasonably practicable and to