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PEMBROKE, Bermuda - Maiden Holdings, Ltd. (NASDAQ:MHLD), currently trading at $1.24 with a market capitalization of $122.31 million, announced the approval of all proposals related to its planned merger with Kestrel Group LLC at a special general meeting of shareholders held today. The business combination will result in Maiden and Kestrel becoming wholly owned subsidiaries of a newly formed Bermuda company, which will be renamed Kestrel Group Ltd.
According to the December 29, 2024 agreement, the new entity’s common shares are expected to be listed on the Nasdaq Capital Market under the ticker symbol "KG". The merger is still subject to regulatory approvals and customary closing conditions, with completion anticipated in the second quarter of 2025.
Patrick J. Haveron, CEO of Maiden, expressed satisfaction with the shareholder vote, stating it marked a significant step toward the strategic realignment of the company. The transaction is seen as a move to shift the company’s strategic vision and trajectory substantially.
Maiden Holdings, founded in 2007, is a Bermuda-based holding company that manages assets and capital, predominantly in the insurance and financial services sectors. It specializes in providing legacy services to small insurance companies, including those in run-off or with non-core reserve blocks, and facilitates finality solutions such as company acquisitions to help clients achieve their capital and risk management goals.
The press release included forward-looking statements regarding the expected timing, completion, and effects of the transaction, all of which are subject to risks and uncertainties that could cause actual results to differ materially from those projected. The statements reflect current plans, estimates, assumptions, and expectations but are not guarantees of future performance.
This news article is based on a press release statement from Maiden Holdings, Ltd. For deeper insights into Maiden Holdings’ financial health and additional analysis, including 10+ exclusive ProTips and comprehensive valuation metrics, visit InvestingPro.
In other recent news, Maiden Holdings has revised the terms of its merger agreement with Kestrel Group. According to a filing with the Securities and Exchange Commission, the amendment adjusts the exchange ratio for shareholders of both companies. Each outstanding common share of Maiden Holdings will now be converted into one-twentieth of a common share in the new entity, which will be rebranded as Kestrel Group. Kestrel Equityholders are set to receive $40 million in cash and 2,750,000 common shares of the new company. Additionally, contingent consideration may be provided based on certain EBITDA milestones, potentially leading to up to $45 million or an additional 2,750,000 shares. The agreement also addresses fractional shares, with cash payments in lieu of issuing such shares. Options and restricted shares of Maiden Holdings will be converted into options for the new company’s shares with recalculated exercise prices. This amendment follows previous agreements and is part of the plan to combine both companies under a new holding company structure. Investors are advised to review the full amendment filed with the SEC for further details.
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