A $13.2 billion tentative takeover offer for BlueScope Steel is likely to be knocked back by its board for undervaluing Australia's largest steelmaker and presenting regulatory approval issues, analysts say.
US-based industrial metals group Steel Dynamics, which made has made three unsuccessful approaches for BlueScope previously, has teamed with the Australian billionaire Kerry Stokes-controlled SGH Limited for a fourth attempt to acquire the company's North American operations.
