BlueScope Steel says a revised $14.2 billion takeover offer from the Stokes family-controlled SGH and United States partner Steel Dynamics is still too low, but the board left the door open to a deal if the bidding group is prepared to sweeten the offer.
Australia’s largest steel maker said the proposal, lobbed on February 11, did not reflect the company’s full value as it heads into a period where shareholders will be showered with higher payouts after heavy investment on infrastructure and factories over the past few years.
