KUALA LUMPUR – Sunway Bhd’s conditional takeover offer for IJM Corporation Bhd has officially lapsed, having fallen short of the 50% acceptance threshold, Maybank Investment Bank Bhd (Maybank IB) confirmed today.
In a statement, Maybank IB said the offer formally closed at 5 pm on Monday, April 6, 2026.
“The offer has lapsed and ceased to be capable of further acceptance, and all acceptances will be returned to the accepting holders, and Sunway will thereafter cease to be bound by any such prior acceptances of the offer,” the statement said.
At the close of the offer, Sunway had received valid acceptances amounting to 1.17 billion IJM shares, representing 33.43% of the total voting shares. An additional 823,816 shares, roughly 0.02 per cent, remained subject to verification at the time the offer closed.
Maybank IB’s Director of Corporate Finance, David Cheah Eu Jin, emphasised: “This percentage is calculated based on 3,505,166,120 shares in issue, excluding treasury shares as at the closing date. Accordingly, the offer is no longer valid for any further acceptances.”
The lapsed offer ensures that all investors who had accepted will have their holdings returned, while Sunway is no longer bound by any prior acceptances. The announcement aligns with regulatory requirements under paragraph 13.01 of the Malaysian Code on Takeovers and Mergers, referencing the offer document dated February 3, 2026, along with subsequent announcements on cash adjustments and shareholder approvals.
In response, IJM Corporation Bhd’s group chief executive officer and managing director, Datuk Lee Chun Fai, expressed confidence in the company’s direction.
“Our shareholders have decided, and we respect the conviction they have placed in IJM’s long-term intrinsic value,” he said. “With the offer now concluded, the group moves forward with resolve, executing an enhanced strategy to deliver the value of its portfolio across its core businesses.”
IJM also acknowledged the attention generated by the exercise within the investment community and thanked shareholders for their engagement and considered evaluation of the offer.
Looking ahead, the company remains focused on delivering its strategic priorities across its construction orderbook, property development pipeline, infrastructure concessions, and ongoing overseas expansion.
The Sunway takeover, first announced in mid-January with a proposed RM11 billion valuation, offered shareholders 10% cash, 31.5 sen per IJM share, and 90 per cent in new Sunway shares.
The deal, pitched at a 28 per cent premium to IJM’s market price at the time, would have required issuing about 1.76 billion new Sunway shares and approximately RM1.1 billion in cash. Sunway had maintained that it would not revise the terms.
Following the closure, market activity has largely unwound the rally that accompanied the takeover announcement. – April 6, 2026