Steadfast Group has received a conditional, non-binding and indicative cash proposal from Amwins Group and Dragoneer Investment Group, with the consortium seeking to acquire all outstanding shares in the company for A$6.00 per share. Based on that price, the proposal values the Australian insurance broker at about A$7.7 billion.
Under the outlined structure, the two bidders plan to work together on the transaction, with Dragoneer set to take ownership of Steadfast’s retail brokerage operations and Amwins intending to acquire the company’s underwriting agency business. The latest proposal follows earlier approaches made at A$5.50 and A$5.83 per share, both also on a non-binding basis and subject to adjustments for any dividends or distributions.
Process Deed and Due Diligence Timeline
On 10 June 2026, Steadfast entered into an exclusivity and process deed with the consortium to allow the proposal to move forward. As part of that arrangement, Amwins and Dragoneer have been granted an eight-week due diligence period, beginning on the business day after execution of the deed, unless the timetable is extended.
The company said the final acquisition price would be reduced by the value of any dividends or distributions declared or paid after 5 June 2026. The proposal remains subject to several important conditions, including the satisfactory completion of due diligence and the receipt of all relevant regulatory approvals.
Premium to Market and Board Position
The A$6.00 per share offer represents a 51.9% premium to Steadfast’s closing share price of A$3.95 on 9 June 2026. It also stands at a 48.9% premium to the company’s one-month volume weighted average price of A$4.03, and a 44.1% premium to the three-month volume weighted average price of A$4.16, both measured as of the same date.
Steadfast’s board said it believes the proposal is in the best interests of shareholders at this stage and has agreed to customary confidentiality and exclusivity provisions so the consortium can continue its assessment. The board further stated that, if acceptable terms are agreed for a binding scheme implementation deed, it intends to unanimously recommend that shareholders vote in favour of the transaction, provided no superior proposal emerges and an independent expert continues to conclude the deal is in shareholders’ best interests.
Advisers and Other Corporate Actions
Despite the board’s current support, Steadfast emphasized that the proposal does not assure a binding offer and there is no certainty that any transaction will ultimately proceed to completion.
Separately, the company has decided to terminate the proposed minimum holding buy-back that had previously been announced on 12 May 2026. Steadfast is being advised by J.P. Morgan and Citigroup as joint financial advisers, Insight Capital Advisors as independent adviser, and Mallesons as legal adviser.
