SGH (ASX:SGH) and US-based Steel Dynamics have launched a revised, all-cash "best and final" takeover bid for BlueScope Steel (ASX:BSL).
The consortium’s new offer of $32.35 per share values the Australian steel leader at approximately $15 billion.
The proposal represents a 47% premium to BlueScope’s undisturbed share price and a 14% increase over an initial $28.35 offer rejected last month.
The bid is equivalent to $34 per share prior to deductions for BlueScope's recently declared special and interim dividends.
Under the deal's structure, the partners intend to divide BlueScope’s global footprint based on regional expertise.
Steel Dynamics would acquire BlueScope's high-growth North American operations, including the North Star mill, while SGH would retain and manage the core "Australia + Rest of World" businesses, positioning itself as a long-term industrial steward.
While SGH CEO Ryan Stokes described the offer as "full and fair," BlueScope’s board—which has rejected four previous approaches—is now evaluating the proposal against its internal valuation.
The board previously argued that past bids "drastically undervalued" their world-class assets and $2.3 billion growth pipeline.
SGH and SDI are seeking formal due diligence to finalise the deal.