This article is from: srnnews.com
Jan 5 (Reuters) – Australia’s BlueScope Steel on Monday said it received an indicative takeover offer in December from a consortium of Australian and U.S. companies, valuing the steelmaker at A$13.15 billion ($8.78 billion).
The consortium, comprising Australian industrial conglomerate SGH Ltd and U.S.-based Steel Dynamics Inc, made an A$30 a share offer on December 12, implying a premium of 26.8% to BlueScope’s close on December 11.
Under the takeover offer, SGH would acquire all of BlueScope’s shares and then offload its North American businesses to Steel Dynamics, the steelmaker said in an exchange filing late on Monday.
BlueScope’s board is considering and evaluating the proposal, it said.
($1 = 1.4981 Australian dollars)
(Reporting by Sameer Manekar in Bengaluru; Editing by Maju Samuel)
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