Steadfast Group jumps on $7.7bn takeover offer; SDF remains under bid price
Steadfast shares surged 36.2% to A$5.38 after Amwins Group and Dragoneer Investment Group made a conditional A$6 per share cash takeover offer, valuing the company at about A$7.7 billion. The bid is non-binding and subject to due diligence, regulatory approval, and a binding scheme agreement. Shares closed about 10% below the offer price, reflecting market uncertainty. The board has signed a process deed granting bidders eight weeks for due diligence.