Steadfast Group enters process deed for $7.7B takeover
Steadfast Group (ASX:SDF) has entered into an exclusivity and process deed with a consortium comprising Amwins Group and Dragoneer Investment Group, following a conditional, non-binding takeover offer.
The consortium has proposed to acquire 100% of Steadfast’s outstanding share capital via a scheme of arrangement for $6 cash per share.
The offer price will be reduced by any dividends or distributions declared or paid after June 5.
If the transaction proceeds, the consortium intends to split the business operations: Dragoneer will acquire ownership of Steadfast’s retail brokerage business, while Amwins will take over the underwriting agency business.
The $6.00 per share proposal follows earlier indicative offers of $5.50 and $5.83.
The final bid represents an enterprise value for Steadfast of approximately $7.7 billion, calculated based on 1,114.5 million fully diluted shares, $733 million in net debt, and $253 million in non-controlling interests as of Dec. 31, 2025.
The offer represents a substantial 51.9% premium to Steadfast’s last closing price of $3.95 on June 9, as well as premiums of 48.9% and 44.1% against the company's 1-month and 3-month volume-weighted average prices, respectively.
