KUALA LUMPUR: Sunway Bhd
has fallen short in its bid to take over IJM Corp Bhd, having secured just 1.17 billion IJM shares representing 33.43% of the total voting shares.
In a statement, Maybank Investment Bank said Sunway did not meet the acceptance condition as it did not hold in aggregate more than 50% of the voting shares in IJM as at the close of the offer at 5pm today.
"Accordingly, the Offer has lapsed and ceased to be capable of further acceptance and all acceptances will be returned to the Accepting Holders and the Offeror will thereafter cease to be bound by any such prior acceptances of the Offer," it said.
Sunway had made an offer of RM3.15 per IJM share, comprising 10% cash or 31.5 sen per IJM share, and the remaining 90% in new Sunway shares at RM5.65 each. The offer was rejected by IJM's board subsequent to an independent adviser's evaluation that the offer was "not fair" and "not reasonable".
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