Australia-based mining and materials company Arrium Limited (formerly known as OneSteel) has announced that it has received an unsolicited, non-binding and conditional acquisition proposal from a consortium of Noble Group Limited, POSCO Australia Pty Ltd, National Pension Service of Korea, Korea Investment Corporation and Korea Finance Corporation to acquire all of the shares in the company for A$0.88 per share.
However, the board of Arrium, after carefully reviewing the proposal, rejected the offer indicating that the proposal significantly undervalues Arrium and is not in the best interests of Arrium shareholders. The board also underlined that "the highly conditional nature of the proposal carries significant risk".
The company stated that it remains committed to maximizing value for shareholders and will consider all options available to achieve that objective.