Hanwha Defence USA has offered $1.05 billion to $1.20 billion for the relevant Austal USA entities and operations, according to a Tuesday press release. The proposal remains subject to Hanwha completing due diligence, obtaining regulatory approvals, and agreeing on definitive transaction documents. Under the proposal, Hanwha would acquire 100% of the shares in the relevant Austal USA holding entities, or such other transaction structure as may be agreed. "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," Austal said. However, Austal said there is no certainty that Hanwha will submit a further proposal or that any proposal will ultimately result in a definitive agreement.