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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!
What I don't understand is if the price is gonna behave like this why didn't EPF, and the GLCs just except Sunway's offer, this way the least they would have is the cash in hand which was part of the offer, and let Sunway run the show which they were very confident.
The real die-hard fans are probably the bilis investors. The bigger question is whether the GLCs and major institutions still have enough conviction to continue defending IJM.
