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Steadfast Shares Rise After KKR-Led Consortium Reaffirms A$7.7 Billion Takeover Bid
Shares of Steadfast Group (ASX:SDF) jumped on Monday after the Australian insurance broker announced that a U.S.-led consortium has reaffirmed its takeover proposal. The group, which includes private equity firm KKR, Amwins Group, and Dragoneer Investment Group, reiterated its offer following a period of due diligence.
Offer Details
The consortium confirmed its proposal to acquire Steadfast for A$6.00 per share in cash, less any dividends paid after June 5. According to the company's announcement, the offer values the Sydney-based broker at an enterprise value of A$7.7 billion ($5.41 billion).
The proposed price represents a significant premium of approximately 52% to Steadfast's closing share price before the initial approach was disclosed in June.
Market Reaction and Next Steps
AdFollowing the news, Steadfast's stock rose 4.8% to A$5.355 in Monday trading, its highest level since June 11. The positive market reaction reflects investor confidence that the deal is moving closer to completion.
Steadfast stated that the consortium has now substantially completed its due diligence, which has been ongoing for the past eight weeks. To finalize the remaining confirmatory work and transaction documentation, the exclusivity period has been extended by two weeks until August 19.
Proposed Deal Structure
Under the terms of the proposed transaction, Steadfast's operations would be split among the consortium members. Amwins Group is slated to acquire Steadfast's underwriting agency operations, while Dragoneer Investment Group and KKR would take ownership of the retail brokerage business.
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