Australian insurance broker Steadfast Group said on Friday it has agreed to a A$7.7 billion ($5.51 billion) takeover offer by a U.S. consortium backed by investment firm KKR.
As part of the proposal, insurance distributor Amwins Group will acquire Steadfast’s underwriting agency operations, while U.S.-based Dragoneer Investment will take over its broking business.
Steadfast shareholders, as previously announced, will receive A$6 apiece, representing a 51.9% premium since the stock’s closing on June 9 — the last trading day before the company disclosed it had received a non-binding proposal from Dragoneer and Amwins.
The Sydney-based company’s board has unanimously recommended that shareholders vote in favor of the scheme, in the absence of a superior proposal and subject to an independent expert concluding the deal is in shareholders’ best interests.
Steadfast is currently targeting to implement the scheme in December, it said in an exchange filing after market hours.
Generative Artificial Intelligence Endorsement CG 40 47: This endorsement excludes coverage for bodily injury, property damage, and personal and advertisin
Watch More Image Part 2 >>>
g injury arising out of generative artificial intelligence for the Commercial General Liability Coverage Part. It contains a definition of generative artificial intelligence.
Generative Artificial Intelligence (Coverage B Only) Endorsement CG 40 48: This endorsement excludes coverage for personal and advertising injury arising out
of generative artificial intelligence for the Commercial General Liability Coverage Part. It contains a definition of generative artificial intelligence.
Generative Artificial Intelligence Endorsement CG 35 08: This endorsement excludes coverage for bodily injury and property damage arising out of generative artificial intelligence applicable to the Products/Completed Op
erations Coverage Part. It contains a definition of generative artificial intelligence.