Australia’s Steadfast Group said on Wednesday that Amwins Group and Dragoneer Investment Group have offered to buy the insurance broker in a A$7.7 billion ($5.41 billion) deal, including debt, helping its shares log their best day ever.
The consortium has offered A$6 per share, representing a premium of about 52% to the stock’s last close on Tuesday.
Shares of Steadfast rose more than 36% to A$5.38, recouping their year-to-date loss of 25% and eking out a near 2% gain for 2026 so far. The broader ASX 200 benchmark closed 0.6% higher.
Steadfast, which operates insurance broker and agency networks across Australia, New Zealand, Singapore, London and the U.S., said it has agreed to confidentiality and exclusivity terms to progress the proposal.
The board intends to recommend that shareholders vote in favour of the transaction, the company said, adding that it had decided to scrap the proposed minimum holding buyback announced on May 12.
Steadfast said the latest proposal came after a period of engagement, which involved offers at A$5.50 and A$5.83 per share.
The buyout offer comes after a turbulent stretch for the company, whose shares tumbled more than 10% in two days after CEO and Managing Director Robert Kelly was temporarily removed last October during an external workplace complaint probe.
Kelly remains in charge as chief executive and managing director after returning to the role in November once the investigation was finished.
($1 = 1.4243 Australian dollars)
Reuters
