IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Merger Arb Mondays (23 Feb) - Toyota Ind, MCJ, Raksul, Sankei, AJIS, Skyworth, Humm, Bluescope, Qube

BlueScope Steel (BSL AU): SGH and Steel Dynamics’ Non-Binding Offer Likely to Be Knocked Back

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Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bluescope-steel-ltd" target="_blank" data-smartkarma-citation="entities:207:1" rel="noopener">Bluescope Steel (BSL AU)</a> has disclosed a revised non-binding proposal from <a href="https://www.smartkarma.com/entities/sgh-limited" target="_blank" data-smartkarma-citation="entities:803:1" rel="noopener">SGH Limited (SGH AU)</a> and <a href="https://www.smartkarma.com/entities/steel-dynamics-inc" target="_blank" data-smartkarma-citation="entities:11061:1" rel="noopener">Steel Dynamics (STLD US)</a> at US$32.35. Adjusting for dividends, the equivalent offer is A$34.00. </li>
<li>It is the best and final proposal. The offer does not fully address the Board’s reasons for rejecting the previous offer, but it will pressure the Board to engage. </li>
<li>AustralianSuper, the largest shareholder, holds the key vote. If AustralianSuper does not increase its shareholding in the coming days, it signals that it is supportive.</li>
</ul>



Bluescope Steel (BSL AU) has disclosed a revised non-binding proposal from SGH Limited (SGH AU) and Steel Dynamics (STLD US) at US$32.35. Adjusting for dividends, the equivalent offer is A$34.00. 
It is the best and final proposal. The offer does not fully address the Board’s reasons for rejecting the previous offer, but it will pressure the Board to engage. 
AustralianSuper, the largest shareholder, holds the key vote. If AustralianSuper does not increase its shareholding in the coming days, it signals that it is supportive.


BlueScope Steel (BSL AU): SGH and Steel Dynamics’ Best and Final Offer