BlueScope's largest shareholder AustralianSuper backs takeover bid rejection
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The news: BlueScope’s largest shareholder, AustralianSuper, has backed the steelmaker’s rejection of a $13 billion takeover offer from SGH and Steel Dynamics, as first reported by the AFR.
The numbers: The country's largest super fund, which owns more than 13% of BlueScope, said it would only support a deal that valued the company "materially higher than the price of $30 per share currently proposed".
The context: Stokes family-controlled SGH and Nasdaq-listed Steel Dynamics saw their joint bid for BlueScope firmly rejected on Wednesday.
It is the fourth approach made by Steel Dynamics over the last two years.
What they said: "We support boards and management teams of companies that deliver long-term value for members, and both BlueScope and SGH fall within this category," Australian Super said in a statement.
"We support the BlueScope board’s decision to reject the offer and to remain focused on executing the company’s strategy without distraction.
"The current offer for BlueScope does not reflect what we presently believe is the underlying value of the business."
The sources: AFR, Australian Super statement
