Australia’s Steadfast agrees to US$5.51bil buyout bid by KKR-backed consortium
Steadfast Group's shareholders will receive A$6 a share under the deal, which values the Australian insurance broker at a 51.9% premium.
Australian insurance broker Steadfast Group has accepted a US$5.51 billion takeover offer from a US consortium, which is backed by the investment firm KKR, on Friday, according to a news release. The company announced earlier this week that shareholders would receive A$6 per share, reflecting a 51.9% premium over the stock's closing price on June 9, the last trading day before the non-binding proposal was received.
Steadfast's board unanimously recommended that shareholders approve the proposed scheme, pending the independent expert's conclusion that the deal is in shareholders' best interests. The buyout is subject to the company's implementation in December, as reported in the company's exchange filing following market hours.
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- Australia’s Steadfast agrees to US$5.51bil buyout bid by KKR-backed consortium freemalaysiatoday.com
