US EditionPublished • loading... • Updated
Australian media tycoon, US steel firm make $9 billion approach for BlueScope
The $13.2 billion offer includes splitting BlueScope, with SGH keeping Australian and Asia-Pacific operations and Steel Dynamics acquiring North American assets, offering a 27% premium.
- On Tuesday, SGH Limited and US steelmaker Steel Dynamics lodged an unsolicited non-binding $30-a-share proposal, valuing BlueScope Steel Ltd at about $13.2 billion.
- Ryan Stokes, Managing Director & Chief Executive Officer of SGH, said, `We have a proven track record of driving performance improvement in domestic industrial businesses` as SGH plans to keep BlueScope's Australian, Asian and Pacific businesses while Steel Dynamics would acquire the North American operations.
- The company says the latest proposal is unsolicited and hinges on due diligence, regulatory approvals, debt funding, and unanimous board and shareholder approval.
- BlueScope has hired UBS and Herbert Smith Freehills Kramer as it evaluates the unsolicited proposal, with SGH shares rallying about 4.9% and BlueScope shares nearing the $30 offer, a 27% premium to the last close.
- BlueScope says its 1200 ha landholdings, now being rezoned and monetised with recent West Dapto sales, will influence valuation, while major shareholders like Australian Super hold about 12.5.
Insights by Ground AI
28 Articles
28 Articles
Australian media tycoon, US steel firm make $9 billion approach for BlueScope
Media billionaire Kerry Stokes made a near $9 billion buyout approach along with U.S.-based long-time suitor Steel Dynamics for Australia's top steelmaker BlueScope in a move that would substantially broaden his industrial footprint
·United Kingdom
Read Full Article
Coverage Details
Total News Sources28
Leaning Left12Leaning Right2Center3Last UpdatedBias Distribution70% Left
Bias Distribution
- 70% of the sources lean Left
70% Left
L 70%
C 18%
12%
Factuality
To view factuality data please Upgrade to Premium
