{"id":10271,"date":"2026-01-07T20:23:46","date_gmt":"2026-01-07T20:23:46","guid":{"rendered":"https:\/\/microvibenews.com\/?p=10271"},"modified":"2026-01-07T20:23:46","modified_gmt":"2026-01-07T20:23:46","slug":"australia-news-live-bluescope-rejects-13-2bn-stokes-bid-police-warn-of-shopping-centre-carpark-scam-australia-news","status":"publish","type":"post","link":"https:\/\/microvibenews.com\/?p=10271","title":{"rendered":"Australia news live: BlueScope rejects $13.2bn Stokes bid; police warn of shopping centre carpark scam | Australia news"},"content":{"rendered":"

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BlueScope dismisses Stokes’ $13.2bn offer as ‘drastically undervalued’<\/h2>\n<\/header>\n

Kerry Stokes<\/strong> and his US partners will have to come up with more cash after BlueScope Steel<\/strong> rejected his $13.2bn takeover bid as too low and an attempt to buy the company \u201con the cheap\u201d, Australian Associated Press reports.<\/p>\n

US-based industrial metals group Steel Dynamics<\/strong> had teamed with the Stokes-controlled SGH<\/strong> Limited<\/strong> in a bid to acquire the company\u2019s North American operations.<\/p>\n

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\"Bluescope\u2019s<\/picture><\/div>
<\/svg><\/span>Bluescope\u2019s Port Kembla steelworks in 2017.<\/span> Photograph: Reuters<\/figcaption><\/figure>\n

They had offered $30 a share \u2013 a 27% premium to the trading price of BlueScope shares when the offer was made on 12 December. Steel Dynamics had made three unsuccessful previous approaches to take control of BlueScope.<\/p>\n

Shares in the Port Kembla Steelworks operator soared yesterday by 20.6% to a 17-year high of $29.48 after the takeover offer was first made public on Monday night.<\/p>\n

BlueScope\u2019s chair, Jane McAloon<\/strong>, said in a statement to the ASX late yesterday that the board had unanimously rejected the offer.<\/p>\n

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<\/svg>Let me be clear \u2013 this proposal was an attempt to take BlueScope from its shareholders on the cheap. <\/strong>It drastically undervalued our world-class assets, our growth momentum, and our future \u2013 and the board will not let that happen.<\/p>\n

This is the fourth time we\u2019ve said no, and the answer remained the same \u2013 BlueScope is worth considerably more than what was on the table.<\/p>\n<\/blockquote>\n