SGH and Steel Dynamics have confirmed they have submitted a non-binding indicative offer to acquire 100% of BlueScope Steel (ASX:BSL) via a scheme of arrangement, following recent media speculation.
Under the proposal, BlueScope shareholders would receive an all-cash offer of $30 per share, valuing the company at approximately $13.2 billion and representing a premium of up to 33% to recent trading metrics.
If completed, SGH would acquire BlueScope and subsequently on-sell the company's North American operations to Steel Dynamics, while retaining the Australia and Rest of World businesses.
The parties said they do not anticipate material regulatory obstacles, with the proposal subject to due diligence, definitive documentation and shareholder and regulatory approvals, and noted there is no certainty the offer will result in a transaction.