Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>For June 2026, just six new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$6bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in June was ~38.5%, and a year-to-date average of 47%.</li>
<li>The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For June 2026, just six new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$6bn.
The average premium for the new transactions announced (or first discussed) in June was ~38.5%, and a year-to-date average of 47%.
The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.


Asia-Pac M&A [June 2026 Wrap]: Steadfast, Con Aero Tech, Accent, Cygnus, Ajinomoto Malaysia

<ul>
<li>I tally 33 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>One new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>'s NBIO. Arguably <a href="https://www.smartkarma.com/entities/continental-aerospace-technologies-holding-ltd" target="_blank" data-smartkarma-citation="entities:15249:1" rel="noopener">Continental Aerospace Technologies (232 HK)</a> is a pseudo arb.</li>
<li>Key updates/news also took place on <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media Ltd (OML AU)</a>, <a href="https://www.smartkarma.com/entities/nippon-dry-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:13528:1" rel="noopener">Nippon Dry Chemical (1909 JP)</a>, and <a href="https://www.smartkarma.com/entities/monash-ivf-group-ltd" target="_blank" data-smartkarma-citation="entities:18130:1" rel="noopener">Monash IVF (MVF AU)</a>.</li>
</ul>


I tally 33 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
One new deal was discussed on Smartkarma this week: Steadfast (SDF AU)'s NBIO. Arguably Continental Aerospace Technologies (232 HK) is a pseudo arb.
Key updates/news also took place on Atlas Arteria (ALX AU), oOh!Media Ltd (OML AU), Nippon Dry Chemical (1909 JP), and Monash IVF (MVF AU).


Asia-Pac Weekly Wrap:Steadfast, Con Aero Tech, Atlas Arteria, OOh!Media, Nippon Dry Chem, Monash IVF

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> 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

Steadfast Group Ltd is a provider of services to broker businesses across Australia, New Zealand and Singapore. The Company has equity interests in insurance broker businesses, underwriting agencies and other complementary businesses.

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Steadfast (SDF AU)

Asia-Pac M&A [June 2026 Wrap]: Steadfast, Con Aero Tech, Accent, Cygnus, Ajinomoto Malaysia

The average premium for the new transactions announced (or first discussed) in June was ~38.5%, and a year-to-date average of 47%.

David Blennerhassett

Asia-Pac Weekly Wrap:Steadfast, Con Aero Tech, Atlas Arteria, OOh!Media, Nippon Dry Chem, Monash IVF

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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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Asia-Pac M&A [June 2026 Wrap]: Steadfast, Con Aero Tech, Accent, Cygnus, Ajinomoto Malaysia

The average premium for the new transactions announced (or first discussed) in June was ~38.5%, and a year-to-date average of 47%.

David Blennerhassett

Asia-Pac Weekly Wrap:Steadfast, Con Aero Tech, Atlas Arteria, OOh!Media, Nippon Dry Chem, Monash IVF

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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