KUALA LUMPUR — IJM Corporation Bhd’s independent adviser has determined that Sunway Bhd’s takeover offer of RM3.15 per share is neither fair nor reasonable, urging shareholders to reject the proposal.
In a filing with Bursa Malaysia today, IJM said M&A Securities Sdn Bhd, its appointed adviser, highlighted that the offer price reflects a significant discount of between RM2.69 and RM3.33, representing roughly 46.1% to 51.4% below the estimated value of IJM shares, which ranges from RM5.84 to RM6.48.
“The board has concurred with the conclusion and recommendation of M&A Securities that the offer is not fair and not reasonable. Accordingly, the board unanimously recommends that the holders reject the offer,” IJM said.
The takeover offer, initially proposed by Sunway on Jan 12 as a conditional voluntary offer to acquire all 3.51 billion IJM shares at RM3.15 per share, will remain open for acceptance until 5pm on April 6, 2026. – March 13, 2026