KUALA LUMPUR, April 7 — Sunway Bhd has failed to secure control of IJM Corporation Bhd after its takeover bid did not meet the required threshold.
The offer closed with only 33.43% shareholder acceptance, well below the more than 50% needed to proceed, effectively halting the proposed acquisition.
The RM11 billion deal, announced in January, offered a mix of cash and shares at a premium to IJM’s market price.
Despite initial investor interest, support waned over time, and Sunway maintained it would not revise its “best and final” offer.
Following the outcome, IJM shares stabilised near pre-offer levels, while Sunway’s stock edged lower, reflecting cautious investor sentiment over the unsuccessful bid.
