Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 115

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 115
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 $60 million.

The May 24 Counterproposal included (among other items) assumptions similar to those in the April 24 Proposal with respect to the acquisition of the AmTrust Insurance Companies and the Commutation. With respect to governance, Kestrel assumed that it would have representation on the Maiden board commensurate with its pro forma shareholdings in Maiden. The May 24 Counterproposal also indicated that the combined company would be rebranded as the Kestrel Group.

On June 6, 2024, the Maiden board held a meeting at which Maiden management, representatives of IAP, representatives of Paul, Weiss, legal advisor to Maiden, and representatives of Appleby (Bermuda) Limited, Bermuda counsel to Maiden’s independent directors (“Appleby”), were in attendance. Mr. Haveron provided an update to the Maiden board regarding the discussions with representatives of Kestrel and AmTrust, and informed the Maiden board that the parties had exchanged initial due diligence materials and that Maiden had received Kestrel’s projections. Representatives of IAP noted the potential uncertainties in realizing Kestrel’s projections and that the use of earnout payments would mitigate the risk that such projections were not realized. Mr. Haveron also provided an update regarding Maiden’s engagement of an independent third-party actuary and independent reinsurance broker with respect to a potential Commutation or retrocession of the AmTrust reinsurance liabilities. This included the initial entry into a non-disclosure agreement and discussions with a leading participant in the legacy reinsurance market. After further

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discussion, the Maiden board instructed Maiden management to continue discussions with Kestrel and AmTrust regarding a potential transaction.

On June 7, 2024, representatives of Maiden, Kestrel and AmTrust as well as IAP and Evercore discussed the potential transaction. In the discussions, representatives of Kestrel and Evercore indicated that Kestrel preferred that the closing consideration be a fixed number of Maiden shares. The representatives of Kestrel and Evercore also indicated a concern that under the proposed transaction structure, an acquisition of Kestrel by Maiden, the share portion of the consideration to be paid to the Kestrel equityholders would be taxable and that Kestrel advisors were considering alternative transaction structures that would provide a tax deferral to the Kestrel equityholders.

On June 11, 2024, Maiden delivered a revised proposal to Kestrel (the “June 11 Proposal