Steadfast has signed a process deed with a consortium made up of Amwins and Dragoneer, allowing the parties to move ahead with a possible deal for the company.
The consortium plans to work together on the transaction, with Dragoneer set to take Steadfast’s retail brokerage operations and Amwins its underwriting agency arm.
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The latest approach implies an enterprise value of approximately A$7.7bn for the Australian insurer.
The offer marks a premium of 51.9% over the company’s stock close of A$3.95 on 9 June 2026.
The proposal comes after earlier non-binding approaches from the same parties at A$5.50 and A$5.83 a share in cash, in each case excluding any dividends or distributions declared or paid by Steadfast.
Steadfast’s board said entering the process deed was in shareholders’ “best interests”.
The agreement includes standard confidentiality and exclusivity terms so the consortium can continue work on the proposal.
The deed gives the bidders eight weeks of due diligence access from the business day after signing, unless that period is extended.
The possible transaction still depends on a number of conditions.
These include completion of due diligence to the consortium’s satisfaction, signing a binding scheme implementation deed and securing regulatory approvals.
The approvals required include those from the Foreign Investment Review Board, the Australian Competition & Consumer Commission and the New Zealand Overseas Investment Office.
J.P. Morgan and Citigroup are joint financial advisers, while Insight Capital Advisors is serving as independent adviser and Mallesons as legal adviser.
Amwins is based in the US and places in excess of $49bn in premiums each year through more than 36,000 retail agency relationships and 1,300 carrier and managing general agent relationships.
