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Amwins-Dragoneer Consortium Reaffirms A$7.7 Billion Bid for Steadfast Group, Extends Exclusivity
Summary
A consortium including U.S.-based Amwins Group and Dragoneer Investment Group has reaffirmed its A$7.7 billion (US$5.34 billion) takeover proposal for Steadfast Group, extending an exclusivity period for due diligence by four weeks.
A consortium including U.S.-based Amwins Group and Dragoneer Investment Group has reconfirmed its intention to proceed with a takeover offer for Steadfast Group valued at A$7.7 billion (US$5.34 billion). The move extends an exclusivity period by four weeks, allowing the bidders to continue due diligence on the insurance broker network.
Details of the Proposal
The consortium on Thursday reaffirmed its non-binding proposal to acquire all outstanding shares of Steadfast for A$6.00 per share, according to a company statement. The proposed acquisition would be structured as a scheme of arrangement.
The offer price is subject to a potential reduction for any dividends or capital distributions declared or paid by Steadfast after June 5, 2026. The bidding group consists of U.S. insurance distributor Amwins Group and investment firm Dragoneer Investment Group.
AdExclusivity Period Extended
The reconfirmation was required to maintain exclusive negotiating rights under a process deed originally signed on June 10, 2026. With the intention to proceed now reaffirmed, the consortium's exclusivity is extended for an additional four weeks.
During this period, the bidders will continue to conduct due diligence. However, the Steadfast board cautioned that there is no guarantee the proposal will lead to a binding agreement or that a transaction will ultimately be completed.