Steadfast Group Receives AU$8 Billion Takeover Proposal From Amwins, Dragoneer

MT Newswires Live

Jun 10

Steadfast Group (ASX:SDF) said it received a conditional, non-binding, and indicative offer from Amwins Group and Dragoneer Investment Group to acquire the company by way of a scheme of arrangement at AU$6 per share in cash, representing an enterprise value of about AU$7.7 billion, according to a Wednesday Australian bourse filing.

The company said the proposal implies a nearly 52% premium to its last closing price of AU$3.95 on Tuesday, with Dragoneer intending to acquire Steadfast's retail brokerage business and Amwins acquiring its underwriting agency business.

Steadfast entered into an exclusivity and process deed with the consortium on Wednesday, with the board confirming it intends to unanimously recommend that shareholders vote in favor of the potential transaction in the absence of a superior proposal and subject to reaching agreement on acceptable terms of a binding scheme implementation deed, the filing added.

Steadfast has also decided to terminate the proposed minimum holding buyback announced on May 12, it added.

Trading in the company's shares was halted.

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