The market hasn’t been holding out for a deal in the short term even as ‘best and final’ restrictions expire, with the latest announcement backing that thesis.
SGH Ltd
ASX:SGH
The SGH boss is tilting his construction and energy assets to capitalise on the AI arms race, while hunting an alternative M&A splash as the chances of a BlueScope deal fade.
SGH’s Ryan Stokes takes BlueScope takeover pressure public.
Lingering hopes that SGH and Steel Dynamics would lift the value of their offer price to acquire BlueScope have seemingly been dealt another blow.
A week after threatening to walk, SGH boss Ryan Stokes has produced a “best and final” $15 billion bid for the steelmaker, reigniting a takeover standoff that appeared to have frozen.
In his first public remarks on Steel Dynamics’ takeover bid, CEO Mark Millett criticised BlueScope’s response to the offer and its performance in North America.
The steelmaker fired a fresh shot in its takeover defence, announcing a $1-per-share special dividend, but sources close to the bidders have dismissed the move as an act of desperation.
A $13 billion takeover bid for BlueScope by Indiana-based Steel Dynamics and billionaire Ryan Stokes is the talk of the ASX and will be watched closely in Canberra.
Ryan Stokes' SGH and US based Steel Dynamics are quietly confident their bid for the Australian steelmaker will avoid the wrath of the unpredictable Foreign Investment Review Board.
