Steadfast’s relationship-driven broking network arrangements will be closely examined by the Amwins and Dragoneer consortium as it considers firming its bid for the group, Macquarie Equity Research says.

The Australian broking market’s partial ownership structure is a key due diligence issue for the bidders, according to a research note.

“Publicly available information suggests Dragoneer’s investment history has been weighted towards growth-oriented and technology-enabled businesses,” Macquarie says.

“This differs from [Steadfast’s] relationship-driven and partially owned retail brokerage network, making strategic alignment an important diligence consideration.”

Many of the network’s companies are also shareholders in the listed group, and member and shareholder alignment is likely to be a consideration alongside price in securing support for the scheme, Macquarie adds.

The consortium has offered $6 a share for Steadfast, valuing it at $7.7 billion including equity and debt.

Steadfast has allowed an eight-week due diligence period for the indicative offer to be firmed and says it intends to support the bid subject to acceptable terms and absent a better rival bid.

Under the proposal announced on June 10, Dragoneer would take over Steadfast’s retail brokerage business and Amwins its underwriting agencies.

The shares closed at $5.15 on Friday.