Australian steelmaker BlueScope has responded to a new non-binding takeover offer from a consortium consisting of Australia's SGH limited and US-based Steelmaker Steel Dynamics.
After reviewing the revised offer with management, external advisers and major shareholders, the board said the A$32.35 per share all-cash offer does not adequately address valuation concerns. BlueScope reiterated that Steel Dynamics' previous offer of A$33.00 per share and the consortium's initial offer of A$30.00 on December 12, 2025 had already been rejected for significantly undervaluing the company. However, the company has indicated that it remains open to a transaction if the offer better reflects the fair value of the company to shareholders.
Questions raised about the structure of the sale of North American assets
Under the proposed transaction structure, SGH would acquire all shares of BlueScope and subsequently sell the North American operations to Steel Dynamics
BlueScope said it repeatedly sought clarification on how the cost was allocated between the North American business and the rest of the company's global operations. The Board of Directors noted that such information is necessary for both directors and shareholders to properly evaluate the proposal.
The Company also asked the consortium to clarify whether the sale of North American Steel assets was planned
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