m_and_a
confidence high
sentiment neutral
materiality 0.95
Maiden Holdings merges with Kestrel; new entity Kestrel Group Ltd begins trading under KG
Kestrel Group Ltd
- Each Maiden common share converted into 0.05 of a Kestrel Group common share; Kestrel equity holders received $40M cash and 2.75M shares.
- New board appointed: Terry Ledbetter (Exec Chair), Luke Ledbetter (CEO), plus Brecher, Cohen, Hotchkiss, Nigro, Weissmann.
- New executive officers: Luke Ledbetter (CEO), Terry Ledbetter (Exec Chair), Patrick Haveron (President & CFO), Lawrence Metz (Chief Legal Officer & Sec).
- Company guaranteed Maiden's 6.625% Senior Notes due 2046 and MHNA's 7.75% Senior Notes due 2043 via supplemental indentures.
- Kestrel equity holders eligible for contingent consideration up to $45M in shares subject to EBITDA milestones.
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