The board of BlueScope Steel (ASX:BSL) has formally knocked back a revised $14.2 billion takeover bid from Seven Group (ASX:SGH) and US-based Steel Dynamics, maintaining that the offer still fails to reflect the company’s "fundamental value."
Despite the bidders labelling the $32.35-per-share proposal as their "best and final" offer, BlueScope leadership signalled a willingness to continue negotiations to bridge the valuation gap.
The latest rejection marks the fifth unsuccessful attempt by Steel Dynamics to acquire the steelmaker, and the second joint effort alongside the Stokes family-controlled SGH.
While the board confirmed it would not currently recommend the scheme to shareholders, it remains open to discussing "various ways" the proposal could be improved to meet its internal pricing expectations.