BlueScope rejects acquisition offer from SGH and Steel Dynamics over combination offer

The Australian steel company BlueScope Steel has announced that it has rejected an offer to acquire a consortium including the Australian SGH and the American steel company Steel Dynamics, reaffirming its commitment to implementing independent strategic priorities and maximizing shareholder value.

The American steel company Steel Dynamics and SGH have submitted a non-binding indicative offer in the amount of 13.2 billion Australian dollars to acquire 100 percent of BlueScope Steel through the organization's scheme, as previously reportedSteelOrbis</p>

Details of the proposal and the response of the Board of Directors

BlueScope stated that the proposal from SGH and Steel Dynamics would involve a business combination that would not sufficiently reflect the core value of BlueScope's operations or provide appropriate certainty and benefits to its shareholders. As a result, the BlueScope board concluded that this proposal was not in the best interests of the company.