Steadfast completes IBNA takeover bidSeptember 24 2019 by Andrew Tjaardstra
Broking giant Steadfast has said all offer conditions had been met of its acquisition of IBNA and that it had voting power in 94.03% of IBNA shares.
In an update to the Australia Stock Exchange last week the broker submitted a supplementary bidder’s statement.
IBNA has more than 90 independent brokers which a combined annual gross written premium of around A$1.4 billion (US$978 million).
Steadfast notes that the offer is now free of all defeating conditions and closed at 7pm (Australia) time on September 23 (yesterday).
Steadfast had voting power in 94% of IBNA shares as a result of acceptances received under the offer.
If no further acceptances are received, there will be 849.7 million Steadfast shares on issue following the offer for the broking group, up from 829.6 million.
The deal is expected to cost around A$69 million (US$46.7 million), based on 100% acceptance, a weighted average share price of A$3.28, and the preliminary estimation of professional service fees.
IBNA members are moving to Steadfast after ending a 12-year joint venture with Austbrokers.
For more about Steadfast’s ambitious expansion see here.
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