BlueScope's board of directors said it unanimously rejected the offer becuase it significantly undervalues BlueScope. The consortium offered AU$30 per share in cash, less the value of future dividends paid by BlueScope, BlueScope said. 

"Given the time required to implement any takeover of BlueScope, the effective value of the proposal for BlueScope shareholders would be less than $30 per share, with all upside value for the sole benefit of the consortium," BlueScope said. 

“[The offer] drastically undervalued our world-class assets, our growth momentum, and our future — and the board will not let that happen. This is the fourth time we've said no, and the answer remained the same — BlueScope is worth considerably more than what was on the table,” said Jane McAloon, BlueScope’s chair. 

Under the offer, SGH would acquire all of BlueScope and then sell BlueScope's North American operations to SDI while retaining the remaining parts of the business. 

Steel Dynamics argues that the deal would deliver compelling value to BlueScope shareholders and split off a business that is not strategically compatible with BlueScope's operations in Asia, Australia, New Zealand, and the Pacific Islands. 

“We believe the acquisition of BlueScope’s North American assets will be highly complementary to our existing operations and further expands our capabilities domestically. The combination of BlueScope's North American teams and assets with SDI would be an excellent fit in every sense and create value for all stakeholders," said SDI chairman and chief executive officer Mark Millett.