Hanwha Defense USA has made a preliminary offer to acquire Austal USA for an indicative enterprise value of $1.05 billion to $1.20 billion, with the proposal subject to due diligence and other conditions. The board has therefore authorized Hanwha to undertake due diligence on Austal USA. Should a more certain proposal be received from Hanwha, that proposal will be assessed by the Austal Board, having regard to the inherent value of Austal USA, and acting in the best interest of all Austal shareholders, it was highlighted. In a separate statement, Hanwha Defense USA confirmed that it had made a preliminary, non-binding offer for Austal’s US business. Austal USA operates in the US defense shipbuilding market and is involved in the construction of vessels for the US government.