BlueScope Steel Shares Surge After $8.8 Billion Takeover Bid (2)

BlueScope Steel Ltd. shares surged in Sydney, after the company said it was considering a A$13.2 billion ($8.8 billion) takeover bid by US steelmaker Steel Dynamics Inc. and Australian conglomerate SGH Ltd.

Long-time suitor Steel Dynamics and Kerry Stokes-controlled SGH offered A$30 per share for BlueScope, a 23% premium to Monday’s closing price, under a deal that will allow the US buyer to take over the company’s North American operations with SGH retaining the remainder. Shares in Australia’s largest steelmaker closed 21% higher at A$29.54 on Tuesday.

The offer, which BlueScope has said ...