Overview
- BlueScope knocked back the A$30-per-share cash approach from SGH and Steel Dynamics, calling it highly opportunistic and materially undervalued.
- The proposal envisaged SGH acquiring BlueScope and on-selling its North American operations to Steel Dynamics.
- Directors argued the offer’s value would be reduced by adjustments for future dividends and the lengthy timeline to completion.
- The bid sought exclusive due diligence access and relied on significant debt financing, which BlueScope highlighted as execution risk.
- Shares traded at A$29.27, down about 2% after the rejection, as analysts suggested the suitors may reassess or sweeten their terms.