SGH Ltd. (SGH.AX) and Steel Dynamics Inc. (STLD) said they have submitted a revised non-binding indicative offer to acquire 100% of BlueScope Steel Ltd. (BSL.AX) in an all-cash transaction valuing the company at about A$15 billion or $11 billion.
The consortium's revised proposal offers A$32.35 per share in cash, equivalent to A$34.00 per share before dividend adjustments. The companies said the latest bid is their best and final offer in the absence of a superior competing proposal.
The offer implies a 47% premium to BlueScope's adjusted closing share price at the time of the initial proposal and a 56% premium to its 52-week volume-weighted average price.
If completed, SGH would retain BlueScope's Australia and Rest of World operations, while Steel Dynamics would acquire the company's North American business following closing.
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