Steadfast (SDF AU): Amwins' (Possibly Opportunistic) A$6/Share NBIO

Jun 10, 2026

∙ Paid

As discussed in Steadfast (SDF AU): Suitors Circle As Share Price Languishes After Internal Complaint, insurance play Steadfast (SDF AU) was reportedly attracting PE interest, such as Blackstone.
Steadfast has now entered into a process deal with Amwins and Dragoneer at A$6/share by way of a Scheme, a 51.9% premium to undisturbed.
Amwins/Dragoneer have been provided with eight weeks of exclusive due diligence access. A firm Offer will requires FIRB and OIO signing off.

The Trade:

Indicative terms appear attractive; but on par with late-Oct 2025 levels when a workplace complaint emerged against the CEO.
Terms are not firm.
I would not chase this aggressively. Perhaps $5.30-ish, tops.

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