Shares of Steadfast Group surged to their largest single-day advance on record after a consortium made an unsolicited acquisition proposal valuing the company at A$7.7 billion on a debt-inclusive basis.
The offer from Amwins Group and Dragoneer Investment Group proposes A$6 per share, which represents a premium of about 52% versus the company’s closing price on Tuesday.
Following the announcement, Steadfast stock climbed more than 36% to A$5.38, reversing a year-to-date decline of around 25% and recording a near 2% gain for 2026. For context within the Australian market, the ASX 200 benchmark closed 0.6% higher on the same day.
Steadfast operates a network of insurance brokers and agencies across Australia, New Zealand, Singapore, London and the United States. The company confirmed it has entered confidentiality and exclusivity arrangements to progress the consortium’s proposal.
The board indicated it plans to recommend that shareholders vote in favor of the proposed transaction. In connection with the deal process, Steadfast said it would cancel the proposed minimum holding buyback that was announced on May 12.
Company disclosures note this latest proposal follows a period of engagement that included earlier offers at A$5.50 and A$5.83 per share. Those prior approaches led to further discussions before the current A$6 per share proposal was tabled.
The bid comes after a volatile stretch for the company. Shares dropped by more than 10% over two days last October when CEO and Managing Director Robert Kelly was temporarily removed from his role amid an external workplace complaint investigation. Kelly returned to his positions in November after that investigation concluded.
Summary
The Amwins-Dragoneer consortium has proposed a debt-inclusive A$7.7 billion takeover of Steadfast at A$6 a share, a roughly 52% premium to the prior close. Steadfast’s board has agreed to confidentiality and exclusivity terms, plans to recommend the transaction to shareholders, and has cancelled a previously announced minimum holding buyback.
Key points
- The proposed transaction values Steadfast at A$7.7 billion on a debt-inclusive basis and offers A$6 per share.
- Steadfast shares jumped over 36% to A$5.38, offsetting most of a year-to-date decline and contributing to modest gains in 2026 performance for the stock.
- The company operates insurance broker and agency networks across multiple regions, and the board has entered confidentiality and exclusivity terms while planning to recommend the deal.
Risks and uncertainties
- The transaction remains subject to the usual process for takeover proposals; confidentiality and exclusivity are in place but definitive completion is not guaranteed.
- Share price volatility has been evident in recent periods, including a greater-than-10% drop tied to management transition events last October, illustrating potential governance and reputational sensitivities.
- Earlier, lower offers at A$5.50 and A$5.83 per share indicate that the proposal emerged after negotiation and prior engagement rather than as a single initial offer.