M&A
confidence high
sentiment neutral
materiality 0.75
Maiden Holdings amends Kestrel merger; exchange ratio cut to 0.05 per share
Maiden Holdings, Ltd.
- Each Maiden share converts to 0.05 Bermuda NewCo share (down from 1:1).
- Kestrel equityholders receive $40M cash plus 2,750,000 Bermuda NewCo shares.
- Contingent consideration up to $45M or 2,750,000 shares tied to EBITDA milestones.
- Fractional shares paid in cash; options and restricted shares adjusted at 0.05 ratio.
- Amendment No. 2 also updates registration and investor rights agreements.