KUALA LUMPUR, April 7 — Sunway Bhd expressed appreciation to stakeholders after its conditional voluntary takeover offer for IJM Corporation Bhd lapsed, having failed to secure the required level of acceptances.
About 33 per cent of IJM shareholders accepted the offer, reflecting confidence in Sunway’s vision and proposal.
Sunway noted that its own shareholders overwhelmingly supported the proposal, with 99.27 per cent voting in favour at an extraordinary general meeting, highlighting strong backing for the strategic rationale.
“We respect the decision of IJM shareholders and the outcome of the process. In any transaction of this scale, differing perspectives are natural, and we acknowledge the robust public discourse that has accompanied the offer.
“We trust that the relevant parties involved in the offer process will facilitate the prompt return of shares deposited under the offer, in accordance with the procedures,” Sunway said in a statement.
The conglomerate said the proposal aimed to deliver long-term, sustainable value and enable shareholders to participate in the growth of an enlarged group with strong fundamentals.
Sunway added it remains focused on executing its strategy and delivering value across its integrated businesses.
Maybank Investment Bank Bhd announced yesterday that Sunway’s takeover offer had lapsed after failing to secure more than 50 per cent of IJM’s voting shares.
As of 5 pm on Monday, Maybank IB reported that Sunway had received valid acceptances for 1.17 billion IJM shares, representing 33.43 per cent of the total voting shares.
