Steadfast (SDF AU): Suitors Circle As Share Price Languishes After Internal Complaint
First, EQT, then CVC joined, in a A$45/share NBIO for AUB (AUB AU), an insurance “matchmaker”: CVC Joins EQT In Pursuit Of AUB Group (AUB AU). Talks ceased this week.
Reportedly, AUB’s larger insurance rival, Steadfast (SDF AU), is now attracting PE interest, such as Blackstone.
Steadfast is down ~25% from its recent high following a workplace complaint towards CEO/MD/founder Robert Kelly - now concluded on “a confidential basis”, with Kelly resuming his roles.
The Trade:
There is, as yet, no Offer.
Steadfast’s share price has failed to recover from the internal complaint.
EQT/CVC walking away from AUB does no favours.
Steadfast appears inexpensive versus historical metrics.
This insight is labelled bullish as I’m not bearish here.
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