0042 GMT - SGH has some room to improve its bid for BlueScope, according to Macquarie. SGH proposed buying BlueScope for A$30 a share and then selling its North American businesses to Steel Dynamics. "We sense investors see the bid price as low, while the deal prospect is real," Macquarie analysts say. "Shift in terms, and economics, thus seem likely as time passes." They reckon it could be a lengthy bidding process. But for SGH, "we find accretion and leverage outcomes relatively resilient to changes in bid prices owing to solid deal multiple arbitrage," they say. That is based on paying A$6-A$10 per BlueScope share for its businesses outside of North America. They assign A$24 a share to the North American businesses as "a reasonable starting point," based on an earlier failed bid from Steel Dynamics. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

January 07, 2026 19:42 ET (00:42 GMT)

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