Australian steel producer BlueScope has received another unsolicited, non-binding, indicative and conditional takeover proposal from a consortium comprising Australia-based SGH Limited and US steelmaker Steel Dynamics.
BlueScope stated that, under the terms of the proposal, SGH would acquire all shares in BlueScope Steel for A$32.35 cash per share. Following completion of the acquisition, SGH would on-sell BlueScope’s North American businesses to Steel Dynamics. The proposal has been expressed by the consortium as a “best and final” offer.
According to BlueScope, its board, supported by management and advisers, is currently considering and evaluating the proposal.
BlueScope noted that its board unanimously rejected a prior proposal from the same consortium on the basis that it very significantly undervalued the company, as previously reported by SteelOrbis.