Steel Dynamics and Australian conglomerate SGH have submitted a 'best and final' takeover offer of A$15 billion (US$11 billion) for BlueScope Steel, marking their fifth attempt since late 2024.
The revised bid of A$32.35 per share represents an 8% increase from their previous offer and a 47% premium to BlueScope's undisturbed share price. The deal structure involves SGH acquiring BlueScope, with Steel Dynamics then purchasing BlueScope's North American operations, particularly the prized North Star steel mill in Ohio.
BlueScope's board has consistently rejected prior bids, citing undervaluation due to depressed Asian steel spreads and the company's growth pipeline, including a $2.3 billion capital program. The consortium's offer is contingent on the absence of superior competing proposals and faces potential regulatory scrutiny.
The strategic importance of BlueScope's North American assets, especially North Star, is highlighted by Steel Dynamics' long-standing interest and significant investments made by BlueScope in the facility.
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