The Australian steel producer BlueScope has received another unsolicited, non-binding, indicative and conditional takeover offer from a consortium consisting of the Australian SGH Limited and the American steel company Steel Dynamics.
BlueScope stated that, in accordance with the terms of the offer, SGH will acquire all shares of BlueScope Steel for $32.35 in cash per share. Upon completion of the acquisition, SGH will sell BlueScope's North American divisions to Steel Dynamics. The proposal was expressed by the consortium as "the best and final one."
According to BlueScope, its board, supported by management and consultants, is currently reviewing and evaluating the proposal.
BlueScope noted that its board had unanimously rejected a previous proposal from the same consortium on the grounds that it had very significantly undervalued the company, as SteelOrbis had previously reported.
