Steadfast shareholders will vote next month on a private equity consortium’s $7.7 billion buyout bid for Australia’s largest general insurance intermediary.

The Supreme Court of NSW made an order today that a meeting be held for shareholders to decide on the $6 cash-per-share offer.

The Steadfast board today reiterated its support for the sale to the Amwins, Dragoneer and Kohlberg Kravis Roberts consortium.

A report by Kroll Australia – the independent expert Steadfast engaged to review the offer – is included in scheme booklets that are expected to be despatched by Monday to shareholders. The vote will be on November 27.

Steadfast says Kroll has concluded the scheme “is in the best interests of … shareholders, in the absence of a superior proposal.

“The independent expert has assessed the value of a Steadfast share on a controlling interest basis to be in the range of $5.44 to $6.09 … The scheme consideration falls within this range.”

Under the deal, Dragoneer and Kohlberg Kravis Roberts would take over Steadfast’s retail brokerage business and Amwins its underwriting agencies.

Steadfast also said today that an annual general meeting is not expected later this year after the Australian Securities and Investments Commission granted a deadline extension.

“As a result of the extension granted by ASIC and given the [takeover] scheme is expected to be implemented on December 22 2026, Steadfast does not expect to hold an AGM for 2026 unless the scheme is delayed beyond the current timetable.”

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Find out more about the Steadfast deal in the latest Insurance News magazine

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