Sunway-IJM takeover bid collapse: IJM wins but faces pressure to deliver value

[KUALA LUMPUR] Malaysia’s IJM Corp has dodged a RM11 billion (S$3.5 billion) takeover by Sunway, handing the group a reprieve but setting a significantly higher bar to prove its standalone value.

The construction and property group may have emerged as the winner after Sunway’s conditional voluntary offer lapsed on Apr 6, falling short of the 50 per cent acceptance threshold with only 33.4 per cent of shareholders tendering their shares.

The outcome brings to an end Sunway’s attempt to merge two of Malaysia’s largest developers into a powerhouse with an estimated market value of around RM50 billion.