Steadfast Group exclusivity extended for $6 per cash share offer

• An investment consortium has re-confirmed its non-binding proposal to acquire Steadfast Group.
• The re-confirmation automatically extends the exclusive due diligence period by four weeks.
• The buying group intends to separate and acquire different divisions of the insurance business.

An investment consortium has reconfirmed its non-binding proposal to acquire Steadfast Group (ASX:SDF) for $6 per cash share.

This development follows an initial announcement on June 10 regarding the confidential scheme of arrangement proposal.

The re-confirmation automatically extends the exclusivity period afforded to the buyers by a further four-week soft exclusivity window.

The company stated that there is no guarantee that a binding agreement will be reached from this process.

Following the announcement, the Steadfast Group share price was up at $5.19.

The consortium includes Amwins Group and Dragoneer Investment Group, which planned to split the retail brokerage and underwriting divisions.

Steadfast operates a general insurance broker network and underwriting agency group across Australasia, Asia, and Europe.