UPDATE 1-BlueScope says revised $10.7 billion offer does not address valuation concerns
SMART Global Holdings, Inc. SGH | 20.85 | 0.00% |
Blackstone Senior Floating Rate 2027 Term Fund Shs of Benef Interest BSL | 12.70 | -1.01% |
Steel Dynamics, Inc. STLD | 180.20 | -1.45% |
Adds further details from paragraph 3 onwards
Feb 26 (Reuters) - Australia's BlueScope Steel BSL.AX said on Thursday that the A$15 billion ($10.69 billion) revised proposal from the SGH SGH.AX and U.S.-based Steel Dynamics STLD.O consortium does not adequately address its valuation concerns.
BlueScope's board said it remains open to a transaction at a price that reflects "the fair value of BlueScope", while not explicitly mentioning that it is rejecting the revised offer.
A letter outlining the board's assessment and the conditions under which further engagement would be considered has been sent to the consortium, BlueScope said.
"The offer price is not sufficient for the board to recommend a scheme of arrangement to its shareholders," the takeover target said, adding that there are ways to increase the value for shareholders.
SGH and Steel Dynamics did not immediately respond to Reuters' requests for comment.
($1 = 1.4037 Australian dollars)