Austal shares advanced on Wednesday after Wildcat Infrastructure, a U.S.-based bidder, tabled a proposal to buy Austal’s U.S. operations for up to $1.35 billion.
At the time of reporting, the stock was trading up 5.8% at A$4.60, outpacing the broader S&P/ASX 200 which was down around 0.3%. Earlier in the session the shares had climbed as much as 9% to A$4.74, marking their strongest level since August 12.
In a statement, Austal confirmed that Wildcat submitted a non-binding indication of interest valuing Austal USA between $1.25 billion and $1.35 billion on a cash-free, debt-free basis. The offer is conditional on Wildcat receiving a four-week period to complete due diligence. Following that period Austal’s board and its advisers will assess the proposal.
Wildcat has said it intends to continue running Austal USA as a standalone platform while keeping the Austal brand and the company’s U.S. operations intact.
The Wildcat approach elevates competition in a sale process that already includes South Korea’s Hanwha Group. Hanwha previously offered up to $1.2 billion for Austal’s U.S. unit last month. The valuation range provided by Wildcat represents the first disclosed price indication from that bidder and reaches higher than Hanwha’s top offer.
The competing bids arrive as Austal works to resolve financial challenges stemming from its U.S. business. For fiscal 2026 the company reported an EBIT loss of A$202.8 million from its U.S. operations, which contributed to a group net loss of A$53.6 million. By contrast, Austal’s Australasian operations delivered a record EBIT for the period.
Austal previously acknowledged preliminary talks with Wildcat, making the new bid the first formal valuation disclosed by that bidder. The company and its advisers will now weigh the Wildcat indication alongside any other proposals as part of their evaluation of strategic options for the U.S. business.
Context and next steps
- Wildcat’s proposal is non-binding and contingent on a four-week due diligence window.
- Austal’s board and advisers will review the bid after due diligence to determine next actions.
- Hanwha’s earlier offer of up to $1.2 billion remains part of the competitive process.