Independent expert Lonergan Edwards & Associates says Steadfast’s bid for Calliden is fair, reasonable and in the best interests of shareholders, in the absence of a better proposal.

It values Calliden shares at 45.7-51.1 cents, which compares with Steadfast’s offer of 46.5 cents, comprising 41.5 cents in cash and a five-cent fully franked dividend per share.

The independent expert’s report, commissioned by Calliden, features in a booklet outlining details of the proposal to shareholders.

On Friday the Federal Court approved a meeting to vote on the bid at the Royal Automobile Club in Sydney on December 8 at 10am. Calliden’s board unanimously recommends shareholders back the proposal, in the absence of a superior offer.

Steadfast plans to on-sell part of the business to Munich Re.