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Shares of BlueScope Steel fell around 2% in early Thursday trading after the Australian steelmaker formally rejected a A$13.2 billion (US$8.87 billion) takeover proposal from Australian conglomerate SGH and U.S.-based Steel Dynamics, citing significant undervaluation and deal uncertainty.
BlueScope shares were trading at A$29.27, slightly below the A$30 per share cash offer price. This pricing suggests that investors believe a revised or higher bid could still emerge despite the board’s rejection. Meanwhile, SGH shares dipped 0.7% following the announcement, and Steel Dynamics shares closed 2.8% lower in U.S. trading on Wednesday.
In a statement released after market close on Wednesday, BlueScope said the proposal “very significantly undervalued” the company. The offer represented a 26.8% premium to BlueScope’s closing share price on December 11, the day before the bid was received, though the proposal was not publicly disclosed until late Monday. BlueScope also revealed it had received three separate approaches from Steel Dynamics since 2024.
Chair Jane McAloon was particularly critical of the bid, describing it as an attempt to acquire the company “on the cheap.” She also highlighted structural concerns with the proposal, including adjustments for future dividend payments and a lengthy completion timeline, both of which would materially reduce the offer’s real value for shareholders.
According to market analysts at Macquarie, the takeover attempt is unlikely to end here. They expect negotiations to continue, with bidders potentially revisiting their valuation. Several investors had already indicated before the rejection that a higher price would be required to gain shareholder support.
Under the proposed deal structure, SGH, controlled by Australian billionaire Kerry Stokes, would acquire BlueScope and then sell its North American assets to Steel Dynamics. Neither SGH nor Steel Dynamics responded to requests for comment following the rejection.
BlueScope also emphasized its strong earnings outlook, stating it could generate between A$400 million and A$900 million in additional earnings if steel spreads and foreign exchange rates return to historical averages. Steel spreads, which measure the difference between steel prices and input costs, are a key indicator of profitability in the global steel industry.
The situation underscores growing investor confidence in BlueScope’s long-term value and sets the stage for a potentially prolonged takeover battle.
