Australian insurance broker Steadfast Group has received an indicative takeover proposal from US specialty insurance distributor Amwins Group Inc and private equity firm Dragoneer Investment Group. The announcement triggered a record 36% jump in the company's share price.
Bloomberg reported that the conditional, non-binding cash offer of A$6 ($4.21) per share reflects a premium of nearly 52% to the company’s previous closing price and implies an enterprise value of around A$7.7bn, including debt, according to Sydney-based Steadfast. The bid comes after two earlier, lower proposals from the consortium, according to the company.