Overview
- AustralianSuper, now holding 13.52% of BlueScope, endorsed the board’s rejection and said it would only support a materially higher price than A$30 a share.
- BlueScope dismissed the SGH–Steel Dynamics proposal as opportunistic, citing dividend deductions, a demand for exclusive due diligence, and reliance on substantial debt financing.
- The offer envisaged SGH acquiring BlueScope and on-selling its North American operations to Steel Dynamics, splitting the business.
- BlueScope shares hovered just below the offer price after the rejection, signaling investor expectations that bidders could revisit terms, according to analysts.
- The company argued the bid ignored potential earnings upside of A$400 million to A$900 million if steel spreads and foreign exchange revert to historical averages.