Home / Business and Economy / BlueScope Rejects Sweetened $11B Steel Bid
BlueScope Rejects Sweetened $11B Steel Bid
18 Feb
Summary
- BlueScope's equity is valued at US$11 billion in the revised bid.
- Shareholders are offered A$32.35 per share in cash.
- The offer represents a 56% premium over BlueScope's 52-week average.
Steel Dynamics and SGH have put forth an improved offer for BlueScope Steel, with an equity valuation of approximately US$11 billion. This latest proposal offers BlueScope shareholders A$32.35 in cash per share, a notable increase from the initial December offer of A$30 per share. This sweetened bid represents a substantial 56% premium compared to BlueScope's 52-week volume-weighted average price. The structure of the deal remains consistent, with SGH acquiring all of BlueScope's assets and subsequently selling the North American operations to Steel Dynamics. The companies have declared this revised offer as their best and final, contingent on no superior bids emerging from competitors. This development signals a critical juncture for BlueScope as it evaluates the enhanced proposal from its potential suitors.
