By Isha Marathe
April 29 - (The Insurer) - Bermuda-based holding company Maiden Holdings' shareholders approved all proposals related to the proposed business combination with Kestrel Group to form a new publicly listed specialty program group.
Under the terms of the agreement, each issued and outstanding common share of Maiden will be converted into the right to receive one common share in a newly formed Bermuda company that will acquire both Maiden and Kestrel.
The transaction values Kestrel at up to $167.5 million, comprising upfront cash of $40 million, 55 million common shares of the combined company valued at $82.5 million, and an earnout of up to $45 million payable in common shares of the combined company, Program Manager reported in December 2024.
Following the closing of the transaction, Bermuda NewCo’s common shares are expected to be listed on the Nasdaq Capital Market under the symbol “KG.”
The transaction remains subject to regulatory approvals and other customary closing conditions. Closing is expected to occur during the second quarter of 2025.
"Today’s voting results represent an important step forward towards our combination with Kestrel. The overwhelming shareholder support received for our proposals is gratifying as it advances us one step closer to significantly shifting the strategic vision and trajectory of our Company," said Patrick Haveron, Maiden CEO.
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