UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
March 2, 2026
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KENNEDY-WILSON HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
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| Delaware | 001-33824 | 26-0508760 | ||||||||||||
| (State or other jurisdiction of Incorporation) |
(Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
151 S El Camino Drive Beverly Hills, California 90212
(Address of principal executive offices)(Zip Code)
(310) 887-6400
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
_____________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instructions A.2.):
☐ Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☒ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| Common stock, $.0001 par value | KW | NYSE | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule
405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events
On March 2, 2026, Kennedy-Wilson, Inc. (the “Issuer”), a wholly-owned subsidiary of global
real estate investment company Kennedy-Wilson Holdings, Inc. (the “Company”), announced that it has commenced offers to exchange (the “Exchange Offers”) any and all of its outstanding 4.750% Senior Notes due 2029, 4.750% Senior Notes due 2030 and
5.000% Senior Notes due 2031 (collectively, the “Existing Notes”) held by Eligible Holders (as defined below) for the Issuer’s newly issued Senior Notes due 2032 (the “2032 Notes”) or Senior Notes due 2034 (the “2034 Notes” and, together with the
2032 Notes, the “New Notes”). The Exchange Offers are being made and the New Notes are being offered only to “qualified institutional buyers” and holders outside the United States that are not “U.S. persons” as such terms are defined under the
Securities Act (“Eligible Holders”). In conjunction with the Exchange Offers, the Issuer is soliciting consents to the adoption of certain amendments (the “Consent Solicitations”) to the indentures governing the Existing Notes. Consummation of the
Exchange Offers and Consent Solicitations is conditioned upon the satisfaction or waiver of certain conditions, including the consummation of the previously announced proposed acquisition of the Company pursuant to an Agreement and Plan of Merger,
dated as of February 16, 2026, by and among the Company, Kona Bidco, LLC and Kona Merger Subsidiary, Inc., an entity affiliated with a consortium led by William McMorrow, Chairman and Chief Executive Officer of the Company, and certain other senior
executives of the Company, and including Fairfax Financial Holdings Limited.
A copy of the press release announcing the Exchange Offers and the Consent Solicitations is
attached hereto as Exhibit 99.1 and incorporated by reference herein.
This Form 8-K is for informational purposes only and is neither an offer to purchase nor a
solicitation of an offer to sell any securities.
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
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Exhibit No.
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Description
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99.1
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Additional Information About the Merger and Where to Find It
This Current Report on Form 8-K is being made in respect of the proposed merger involving the Company, Parent,
and Merger Sub. The Company expects to seek, and intends to file with the SEC a proxy statement and other relevant documents in connection with a special meeting of the Company stockholders for purposes of obtaining, stockholder approval of the
proposed merger transaction (the “Definitive Proxy Statement”). The Definitive Proxy Statement will be sent or given to the stockholders of the Company and will contain important information about the proposed merger transaction and related matters.
The Company, affiliates of the Company and affiliates of Parent and Merger Sub intend to jointly file a Schedule 13E-3 with the SEC.
The Company may also file other documents with the SEC regarding the proposed merger transaction. This Current
Report on Form 8-K is not a substitute for the Definitive Proxy Statement, the Schedule 13E-3 or any other document which the Company may file with the SEC. INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT,
THE SCHEDULE 13E-3 AND ANY OTHER RELEVANT MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY AND THE PROPOSED MERGER TRANSACTION. Investors may obtain a free copy of
these materials (when they are available) and other documents filed by the Company with the SEC at the SEC’s website at www.sec.gov or from the Company at its website at https://ir.kennedywilson.com/financial-information-and-sec-filings/sec-filings.
The information found on, or otherwise accessible through, the Company’s website is not incorporated by reference into, nor does it form a part of, this report or any other document that the Company files with the SEC.
Participants in the Solicitation
The Company and certain of its directors, executive officers and other members of management and employees may
be deemed to be participants in soliciting proxies from its stockholders in connection with the proposed merger transaction. Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation
of the Company’s stockholders in connection with the proposed merger transaction will be set forth in the Definitive Proxy Statement for its stockholder meeting at which the proposed merger transaction will be submitted for approval by the Company’s
stockholders. You may also find additional information about the Company’s directors and executive officers in the Company’s Definitive Proxy Statement for its 2025 annual meeting of stockholders, which was filed with the SEC on April 25, 2025
(available here), under the sections “Director Compensation,” “Executive Compensation,” “Security Ownership of Management and Certain Beneficial Owners” and “Certain Relationships and Related Transactions”. To the extent holdings of the Company’s
securities by its directors or executive officers have changed since the amounts set forth in such proxy statement, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Changes in
Beneficial Ownership of Securities on Form 4 filed with the SEC. Updated information regarding the identity of participants and their direct or indirect interests, by security holdings or otherwise, in the Company will be set forth in the Definitive
Proxy Statement and other relevant documents to be filed with the SEC, if and when they become available. These documents will be available free of charge as described above.
No Offer or Solicitation
This Current Report on Form 8-K is not intended to and shall not constitute an offer to buy or sell or the
solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made in the United States absent registration under the Securities Act of 1933, as amended (the “Securities Act”), or pursuant to an
exemption from, or in a transaction not subject to, such registration requirements.
Forward Looking Statements
This Current Report on Form 8-K contains “forward-looking statements” within the meaning of Section 27A of the
Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are necessarily estimates reflecting the judgment of the Company’s senior management based on the Company’s current estimates,
expectations, forecasts and projections and include comments that express the Company’s current opinions about trends and factors that may impact future results. Disclosures that use words such as “believe,” “may,” “anticipate,” “estimate,” “intend,”
“could,” “plan,” “expect,” “project” or the negative of these, as well as similar expressions, are intended to identify forward-looking statements. Forward-looking statements involve significant known and unknown risks and uncertainties that may
cause the Company’s actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates
or expectations will be achieved. There is no assurance that the proposed merger transaction or the Exchange Offers and Consent Solicitations will be consummated, and there are a number of risks and uncertainties that could cause actual results to
differ
materially from the forward-looking statements made herein as a result of various factors, including, without limitation: (1) the
inability to consummate the proposed merger transaction within the anticipated time period, or at all, due to any reason, including the failure to obtain stockholder approval to adopt the Merger Agreement, the failure to obtain any required
regulatory approvals for the proposed merger transaction, including the termination or expiration of any required waiting periods, or the failure to satisfy the other conditions to the consummation of the proposed merger transaction; (2) the risk
that the Merger Agreement may be terminated in circumstances requiring the Company to pay a termination fee; (3) the risk that the proposed merger transaction disrupts the Company’s current plans and operations or diverts management’s attention from
its ongoing business; (4) the effect of the announcement of the proposed merger transaction on the ability of the Company to retain and hire key personnel and maintain relationships with those with whom it does business; (5) the effect of the
announcement or pendency of the proposed merger transaction on the Company’s operating results and business generally; (6) the significant costs, fees and expenses related to the proposed merger transaction; (7) the risk that the Company’s stock
price may decline significantly if the proposed merger transaction is not consummated; (8) the nature, cost and outcome of any litigation and other legal proceedings, including any such proceedings related to the proposed merger transaction and
instituted against the Company and/or its directors, executive officers or other related persons; (9) other risks that could affect the Company’s business, financial condition or results of operations, including those set forth in the Company’s most
recent Annual Report on Form 10-K and any subsequent filings, (10) credit ratings for the New Notes (if any) may be below investment grade, downgraded, withdrawn or not issued, harming value and liquidity; (11) our leverage and debt service
obligations may impair our ability to pay the New Notes; (12) we may incur additional debt, making the New Notes effectively or structurally subordinated; (13) not all subsidiaries will guarantee the New Notes, cash at subsidiaries and joint ventures
may be unavailable to service them, and we may not generate sufficient cash flow to service or refinance indebtedness, including the New Notes; (14) covenant restrictions (and any noncompliance) may limit flexibility and could result in defaults;
(15) the proposed indenture amendments may significantly reduce protections for holders of remaining Existing Notes; (16) liquidity and market value of Existing Notes not tendered may decline, and ratings may be withdrawn; (17) the Exchange Offers
and Consent Solicitations may be delayed, amended, extended, or terminated if conditions are not satisfied; (18) tendering holders will waive/release claims, and the consideration received may be less valuable than rights relinquished and (19) other
risks to the consummation of the proposed merger transaction, Exchange Offers and Consent Solicitations. Forward-looking statements are not guarantees of future performance, rely on a number of assumptions concerning future events, many of which are
outside of the Company’s control, and involve known and unknown risks and uncertainties that could cause the Company’s actual results, performance or achievement, or industry results to differ materially from any future results, performance or
achievements, expressed or implied by such forward-looking statements. These risks and uncertainties may include the risks and uncertainties described elsewhere in this report and other filings with the SEC. Any such forward-looking statements,
whether made in this report or elsewhere, should be considered in the context of the various disclosures made by the Company about its businesses including, without limitation, the risk factors discussed in the Company’s filings with the SEC.
If the proposed merger transaction is consummated, the Company’s stockholders will cease to have any equity
interest in the Company and will have no right to participate in its earnings and future growth. These and other factors are identified and described in more detail in the Company’s most recent Annual Report on Form 10-K as well as the Company’s
subsequent filings and is available online at www.sec.gov. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. Except as required by applicable law, the Company undertakes no
obligation to update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report
to be signed on its behalf by the undersigned hereunto duly authorized.
| KENNEDY-WILSON HOLDINGS, INC. | ||||||||
| By: | /s/ JUSTIN ENBODY | |||||||
| Justin Enbody | ||||||||
| Chief Financial Officer | ||||||||
Date: March 2, 2026