Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 10th June, <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>entered into a process deal with Amwins/Dragoneer/KKR at A$6/share by way of a Scheme, a 51.9% premium to undisturbed.</li>
<li>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.</li>
<li>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.</li>
</ul>


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.


Steadfast (SDF AU): Amwins/Dragoneer/ KKR Firms $6/Share Scheme Offer. Looks Clean

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a> has entered a SID with Amwins, Dragoneer and KKR at A$6.00 per share, a 51.9% premium to the undisturbed price of A$3.95.</li>
<li>Since the disclosure of the non-binding proposal, the peers have materially re-rated, and the offer remains light compared to precedent transactions. </li>
<li>However, the scheme vote should pass, as the offer is reasonable relative to peer multiples and AusSuper, the largest shareholder, has not publicly opposed it.  </li>
</ul>



Steadfast (SDF AU) has entered a SID with Amwins, Dragoneer and KKR at A$6.00 per share, a 51.9% premium to the undisturbed price of A$3.95.
Since the disclosure of the non-binding proposal, the peers have materially re-rated, and the offer remains light compared to precedent transactions. 
However, the scheme vote should pass, as the offer is reasonable relative to peer multiples and AusSuper, the largest shareholder, has not publicly opposed it.  


Steadfast (SDF AU): Consortium’s Binding Proposal at A$6.00 as Peers Have Materially Re-Rated

<ul>
<li>
<a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a> disclosed a non-binding proposal from Amwins and Dragoneer at A$6.00 per share, a 51.9% premium to the undisturbed price of A$3.95.</li>
<li>While the offer is attractive relative to peer multiples, it is arguably opportunistic, as it is below the 52-week high and light compared with precedent transactions. </li>
<li>Regulatory approvals are low-risk, and the shareholder structure reduces the scheme voting risk. However, the NBIO could trigger a competing offer. </li>
</ul>



Steadfast (SDF AU) disclosed a non-binding proposal from Amwins and Dragoneer at A$6.00 per share, a 51.9% premium to the undisturbed price of A$3.95.
While the offer is attractive relative to peer multiples, it is arguably opportunistic, as it is below the 52-week high and light compared with precedent transactions. 
Regulatory approvals are low-risk, and the shareholder structure reduces the scheme voting risk. However, the NBIO could trigger a competing offer. 


Steadfast (SDF AU): Amwins and Dragoneer’s NBIO at A$6.00

<ul>
<li>As discussed in <a href="https://www.smartkarma.com/compose/insight/242389/Steadfast%20(SDF%20AU):%20Suitors%20Circle%20As%20Share%20Price%20Languishes%20After%20Internal%20Complaint" target="_blank" rel="noopener">Steadfast (SDF AU): Suitors Circle As Share Price Languishes After Internal Complaint</a>,  insurance play <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a> was reportedly attracting PE interest, such as Blackstone. </li>
<li>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.</li>
<li>Amwins/Dragoneer have been provided with eight weeks of exclusive due diligence access. A firm Offer will requires FIRB and OIO signing off. </li>
</ul>


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. 


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

<ul>
<li>First, EQT, then CVC joined, in a A$45/share NBIO for <a href="https://www.smartkarma.com/entities/aub-group-limited" target="_blank" data-smartkarma-citation="entities:11179:1" rel="noopener">AUB (AUB AU)</a>, an insurance "matchmaker": <a href="https://skr.ma/J2CwJ" target="_blank" rel="noopener">CVC Joins EQT In Pursuit Of AUB Group (AUB AU)</a>. Talks <a href="https://announcements.asx.com.au/asxpdf/20251201/pdf/06sr2bsh6yv802.pdf" target="_blank" rel="noopener">ceased</a> this week. </li>
<li>Reportedly, AUB’s larger insurance rival, <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, is now attracting PE interest, such as Blackstone.</li>
<li>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. </li>
</ul>


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. 


Steadfast (SDF AU): Suitors Circle As Share Price Languishes After Internal Complaint

Australia

PSC Insurance Group Limited provides insurance brokerage services. The Company offers services such as risk management, workers compensation, business protection, worth insurance, claims settlements. PSC Insurance Group conducts its business globally.

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Psc Insurance (PSI AU)

Steadfast (SDF AU): Consortium’s Binding Proposal at A$6.00 as Peers Have Materially Re-Rated

Despite the material re-rating of peers, the scheme vote should pass. At the last close and for an end-of-December payment, the gross/annualised...

Arun George

Steadfast (SDF AU): Amwins and Dragoneer’s NBIO at A$6.00

While the offer is attractive relative to peer multiples, it is arguably opportunistic, as it is below the 52-week high and light compared with...

Arun George

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Steadfast (SDF AU): Amwins/Dragoneer/ KKR Firms $6/Share Scheme Offer. Looks Clean

Terms are fair; on par with late-Oct 2025 levels when a workplace complaint emerged. There's an apparent valuation arbitrage between Aussie-listed...

David Blennerhassett

Steadfast (SDF AU): Consortium’s Binding Proposal at A$6.00 as Peers Have Materially Re-Rated

Despite the material re-rating of peers, the scheme vote should pass. At the last close and for an end-of-December payment, the gross/annualised...

Arun George

Steadfast (SDF AU): Amwins and Dragoneer’s NBIO at A$6.00

While the offer is attractive relative to peer multiples, it is arguably opportunistic, as it is below the 52-week high and light compared with...

Arun George

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

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...

David Blennerhassett

Steadfast (SDF AU): Suitors Circle As Share Price Languishes After Internal Complaint

There is, as yet, no Offer. Steadfast's share price has failed to recover from the internal complaint. EQTCVC walking from AUB does no favours....

David Blennerhassett