Steadfast confirms the enlarged consortium is sticking with its existing non-binding, indicative proposal of $6 cash per share, adjusted for any dividends or distributions after 5 June. With 1,111,991,628 shares on issue, the price implies an equity value of about $6.67 billion for the ASX-listed broker. Trading in Steadfast shares was paused ahead of the announcement, as the company briefed the market on the revised bidder line-up.
The company previously entered an exclusivity and process deed with the original Amwins-Dragoneer consortium on 10 June, after their interest was made public via the ASX on 9 July. That disclosure triggered a four-week extension to the soft exclusivity period, giving the group more time to progress due diligence and transaction terms.
Steadfast later received confirmation on 8 July that KKR had agreed to the existing confidentiality deed, formalising its role alongside the initial investors. Local media had already flagged KKR as a likely participant before the company update.
Amwins, Dragoneer and KKR say the entry of the private equity giant does not alter the current transaction timetable set out with Steadfast. The structure still centres on an all-cash proposal, subject to conditions and further negotiations that are typical for a deal of this size.
Market watchers view KKR’s involvement as evidence of strong global investor appetite for Australian insurance distribution assets. Investors now look to the next round of ASX disclosures for any shift in price, terms or competing interest.
