Australia’s Steadfast has announced that Amwins Group and Dragoneer Investment have reaffirmed their takeover proposal, valuing the insurance broker at $7.7 billion.
Details of the Bid
The consortium has reaffirmed its offer of $6 per share, representing a 52% premium to the last closing price before the original proposal was tabled. This marks the third and highest approach after earlier offers of $5.50 and $5.83 per share failed to secure an agreement.
Under the proposed transaction, Amwins, an insurance distributor, will acquire Steadfast’s underwriting agency operations, while US-based Dragoneer Investment will take control of the retail brokerage business.
Shares of the firm marginally rose 0.4% to $5.17 in the early hours of trading, while the broader ASX 200 index was down 0.8%.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
