BlueScope (ASX:BSL) is assessing a revised best and final takeover proposal from a consortium led by SGH and U.S.-based Steel Dynamics (NASDAQ:STLD), valuing the Australian steelmaker at A$15 billion. The offer proposes acquiring all shares for A$32.35 in cash, with plans to divest BlueScope’s North American assets to Steel Dynamics. Shares surged 6%, hitting A$29.67, as investors react to the unsolicited, non-binding bid.

BlueScope’s board, supported by management, is evaluating the proposal against the company’s fundamental value and deal feasibility, though no transaction is guaranteed. This follows a prior rejected offer at A$30 per share, which BlueScope deemed a significant undervaluation.