Court approves Steadfast meeting for $6.7B buyout

• The Supreme Court of New South Wales approved Steadfast Group holding a shareholder meeting to vote on a proposed $6.7 billion takeover.
• Steadfast Group shares traded roughly flat at $5.80 following the announcement.
• An independent expert report found the cash offer is in the best interests of shareholders.

The Supreme Court of New South Wales approved a shareholder meeting for Steadfast Group (ASX:SDF) to vote on a proposed $6.7 billion buyout by a consortium.

The upcoming vote follows the release of a scheme booklet containing an independent report by Kroll Australia.

Kroll Australia valued Steadfast Group shares on a controlling interest basis between $5.44 and $6.09 each.

The bidding consortium consisting of Dragoneer Investment Group, Amwins Group, and KKR has offered $6 per share in cash.

Following the announcement, the Steadfast Group share price was flat at $5.80.

The Steadfast Group board unanimously recommended that shareholders vote in favour of the proposed scheme.

The shareholder meeting is scheduled for Nov. 27, with the deal implementation expected by Dec. 22.