Australian steelmaker BlueScope Steel has announced that it has rejected the acquisition proposal from a consortium comprising Australia-based SGH and US steelmaker Steel Dynamics, reaffirming its commitment to pursuing independent strategic priorities and maximizing shareholder value.
US steelmaker Steel Dynamics and SGH had submitted a non-binding indicative offer worth A$13.2 billion for the acquisition of 100 percent of BlueScope Steel through a scheme of arrangement, as SteelOrbis previously reported.
Proposal details and Board response
BlueScope said the proposal from SGH and Steel Dynamics would have involved a business combination that did not sufficiently reflect the underlying value of BlueScope’s operations or deliver appropriate certainty and benefits for its shareholders. As a result, the BlueScope board concluded that the proposal was not in the best interests of the company.
