April 6 deadline for Sunway’s takeover offer of IJM

Shareholders have about two months to consider Sunway Bhd's RM11 billion bid for IJM Corp Bhd.

Sunway Bhd had last month served notice of its conditional voluntary takeover offer to the IJM Corp Bhd board to acquire all of the 3.51 billion IJM shares at RM3.15 a share. (Sunway pic)

KUALA LUMPUR:

 Sunway Bhd’s proposed takeover offer to acquire all 3.51 billion shares in IJM Corp Bhd at RM3.15 a share will close on April 6 at 5pm.

The company said it had nominated its indirect wholly-owned subsidiary, Fortuna Gembira Enterpris, as the recipient of the offer shares for the acquisition.

“The offer is conditional upon Sunway having received, on or before the closing date, valid acceptances resulting in Sunway holding in aggregate more than 50% of the voting shares in IJM,” it said in a Bursa Malaysia filing today.

Sunway had last month served notice of its conditional voluntary takeover offer to the IJM board.

Assuming full acceptance and no adjustments to the offer price, the total consideration would be approximately RM11 billion, payable via a combination of cash and new ordinary shares in Sunway.

The company said the proposed offer is expected to be completed by the third quarter of 2026.

At the lunch break, both Sunway and IJM shares rose one sen and two sen, respectively, to RM5.77 and RM2.70, with 6.68 million and 9.85 million shares traded. - FMT