0845 GMT - The "best and final" takeover bid for BlueScope Steel from Steel Dynamics and SGH still materially undervalues the Australian steelmaker's non-U.S. assets, Jefferies says in a note. The latest A$15 billion proposal implies a value of A$4.1 billion for BlueScope's assets outside the U.S., the bank says. Yet there is significant value in BlueScope's land--which Jefferies estimates at around A$1.5 billion--and in other assets that SGH would likely look to sell, it says. "Despite the bid still materially undervaluing BSL, the board now faces a tricky road to convince [shareholders] it can extract further value independently," says Jefferies. BlueScope ended 2.6% higher at A$28.74. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

February 18, 2026 03:45 ET (08:45 GMT)

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