Steadfast takeover bid advances at $6 per share

• KKR has joined the buyout consortium targeting Australian insurance broker Steadfast.
• The Steadfast share price increased following the update to trade at $5.26.
• The newly expanded consortium aims to acquire 100% of the company's outstanding share capital.

Steadfast Group (ASX:SDF) announced that global firm KKR (NYSE:KKR) joined a non-binding $6 cash per share buyout proposal.

The company stated that KKR joined the existing consortium as a co-lead partner for its retail brokerage business.

The consortium confirmed that KKR's participation will not alter the timetable or serve as a binding contract condition.

Following the announcement, the Steadfast Group share price was up at $5.26.

The board noted that there is no certainty that the current proposal will result in a completed transaction.

The firm operates international insurance networks that place approximately $25 billion in gross written premiums annually.