A consortium planning to acquire Steadfast has reconfirmed its intention to proceed with the deal as it enters the final phase of a review period.

“Following positive progress made over the last eight weeks, Steadfast understands from the consortium that due diligence investigations have been substantially completed,” the broking company said today.

“The consortium has also confirmed that it remains committed to promptly completing the remaining confirmatory due diligence and finalising and obtaining necessary internal approvals for signing.”

An exclusivity period will continue until August 19, to enable the parties to finalise documentation and complete their due diligence review, but Steadfast says there is still no guarantee a binding agreement will be reached and no certainty a transaction will result.

Amwins Group and Dragoneer Investment Group said last month that private equity giant Kohlberg Kravis Roberts had joined the consortium trying to buy Steadfast for $6 cash per share. The proposal values the company at $7.7 billion including equity and debt.

Steadfast says shareholders do not need to act in relation to the proposal at this time and it will provide further updates as appropriate.

Under indicated arrangements, Dragoneer and Kohlberg Kravis Roberts will take over Steadfast’s retail brokerage business and Amwins its underwriting agencies.

The shares closed at $5.11 on Friday.