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BlueScope Steel shares fell nearly 5% on Thursday after the Australian steelmaker rejected a revised A$15 billion ($10.7 billion) takeover proposal from a consortium comprising SGH and U.S.-based Steel Dynamics. The company’s board stated that the updated offer still does not reflect the “fair value of BlueScope,” signaling that negotiations may continue if the bid improves.
The consortium’s revised proposal of A$34 per share has effectively been reduced to A$32.35 per share after accounting for a previously declared A$1 special dividend in January and a A$0.65 interim dividend. BlueScope has also announced plans to distribute an additional A$1.35 per share to investors in 2026, further impacting the overall valuation of the deal.
In response to the announcement, BlueScope shares dropped as much as 4.9% during early trading before trimming losses to close about 2.6% lower. Meanwhile, the broader S&P/ASX200 index rose 0.4%, highlighting investor concerns specific to the BlueScope takeover bid.
BlueScope Chair Jane McAloon, in a letter addressed to SGH and Steel Dynamics and released to the ASX, emphasized that the current offer price is insufficient for the board to recommend a scheme of arrangement to shareholders. She noted that there are potential pathways to enhance shareholder value but stressed that the proposal must be improved.
A key issue for BlueScope’s board is the valuation of its North American assets, which are expected to be sold to Steel Dynamics as part of the proposed transaction. The company is seeking greater clarity on how these assets are being assessed. Additionally, BlueScope has requested further details regarding the funding structure behind the takeover offer.
Importantly, the board rejected the consortium’s request to recommend the deal before conducting due diligence. McAloon stated that BlueScope remains open to constructive engagement, including providing due diligence access, provided the consortium addresses the outlined concerns and increases the overall value offered to shareholders.
The ongoing negotiations underscore the high stakes surrounding one of Australia’s largest steel industry takeover attempts.
