PETALING JAYA: Sunway Bhd
has failed to meet the conditional requirement of acquiring more than a 50% stake in IJM Corp Bhd, effectively halting its proposed takeover.
By the 5pm deadline yesterday, the conglomerate had secured acceptances for only 33.43% of IJM shares, falling short of the required threshold.
“The offer has lapsed and ceased to be capable of further acceptance, and all acceptances will be returned to the accepting holders, and Sunway will thereafter cease to be bound by any such prior acceptances of the offer,” Maybank Investment Bank said in a statement yesterday.
The proposed RM11bil offer, unveiled in mid-January, consisted of 10% cash (31.5 sen per IJM share) and 90% in new Sunway shares – 0.501 shares priced at RM5.65 each for every IJM share.
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