Shares rose 5.8% to A$4.60 and were outperforming the broader S&P/ASX 200, which was down about 0.3% at the time. The stock earlier jumped as much as 9% to A$4.74, its highest level since August 12.
Austal said Wildcat had submitted a non-binding indication of interest valuing Austal USA at between $1.25 billion and $1.35 billion on a cash-free, debt-free basis. The proposal is conditional on Wildcat receiving four weeks to conduct due diligence, after which Austal’s board and advisers will consider the offer.
Wildcat has indicated that it intends to operate Austal USA as a standalone platform while retaining the Austal brand and the company’s U.S. operations.
The proposal raises the stakes in a sale process that already involves South Korea’s , which offered up to $1.2 billion for Austal’s U.S. business last month.
The competing bids come as Austal seeks to address losses in its U.S. operations. The company reported a A$202.8 million EBIT loss from its U.S. business for fiscal 2026, contributing to a A$53.6 million group net loss, while its Australasian operations posted record EBIT.
Austal had previously confirmed preliminary discussions with Wildcat over a potential proposal, adding a second potential buyer to the process. The latest indication of interest, however, is the first disclosed valuation from Wildcat and exceeds Hanwha’s proposal at the top end.