Back on the 10th June, Steadfast (SDF AU)entered into a process deal with Amwins/Dragoneer/KKR at A$6/share by way of a Scheme, a 51.9% premium to undisturbed.
The suitors were provided with eight weeks of exclusive due diligence access, which was extended to the 21st August, all while telegraphing negotiations were progressing nicely.
On the 21st August, Steadfast announced Amwins/Dragoneer/KKR had firmed their $6/share Scheme bid. Mid-late December implementation expected. The board is unanimous. The Offer price is not final.
The Trade:
Terms appear fair; on par with late-Oct 2025 levels when a workplace complaint emerged against the CEO.
There’s an apparent valuation arbitrage between Aussie-listed players and global peers.
I’d pay up to A$5.70/share at the bell.
FY26 results due out on the 26th August.