SGH-Led Group Sweetens Bid for BlueScope Steel

MT Newswires Live
02/18

SGH (ASX:SGH), along with Nasdaq-listed metal solutions firm Steel Dynamics, submitted a revised non-binding indicative offer to fully acquire BlueScope Steel (ASX:BSL) for AU$32.35 apiece, representing a total equity value of AU$15 billion, according to a Wednesday filing with the Australian bourse.

The offer is SGH and Steel Dynamics' best and final offer for BlueScope and represents a 56% premium to the BSL stock's one-year volume-weighted average share price, the filing said.

Last month, SGH and Steel Dynamics had offered to buy BlueScope for AU$30 apiece, representing a total equity value of AU$13.2 billion, an earlier filing showed.

In a separate Wednesday bourse filing, BlueScope said the board will consider the revised offer. The board rejected the previous proposal, saying it "significantly" undervalued the company.

Shares of SGH rose past 1% in recent Wednesday trade, while shares of BlueScope Steel rose 3%.

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