Especially EPF, they knew it was a win win situation for them, that's why they increased their stake up to 20% if not mistaken.
They were also increasing their stake in Sunway too at the same time. This clearly shows that they were gonna accept the offer, but what or who influenced them the last minute. If they had accepted, the offer would have gone through with 51% achieved.
With a 20% stake in IJM, just imagine the amount of cash EPF would have received from the offer. WIN! WIN!