Australia's Steadfast exclusivity period extended as US consortium reaffirms $5.3 billion bid

Steadfast

09/07/2026 01:13

    July 9 (Reuters) - Australia's Steadfast SDF.AX said on Thursday that Amwins Group and Dragoneer Investment had reaffirmed their takeover proposal valuing the insurance broker at A$7.7 billion ($5.34 billion), prompting a four-week extension of the exclusivity period. 
     
Here are some details:
The consortium reaffirmed its offer of A$6 per share, which values the Sydney-headquartered firm at an enterprise value of A$7.7 billion.
The offer price represents a 52% premium to the last closing price before the original proposal was tabled.
The current bid marks the third and highest approach after earlier offers of A$5.50 and A$5.83 per share failed to secure an agreement.
Under the proposed transaction, Amwins, an insurance distributor, will acquire Steadfast's underwriting agency operations, while U.S.-based Dragoneer Investment will take control of the retail brokerage business.
Shares of the firm marginally rose 0.4% to A$5.17 in the early hours of trading, while the broader ASX 200 index .AXJO was down 0.8%.
($1 = 1.4426 Australian dollars)

(Reporting by Kumar Tanishk in Bengaluru; Editing by Rashmi Aich)
((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))