SUBANG JAYA: Sunway Group Bhd views IJM Corporation Bhd
(IJM Corp) an attractive investment opportunity, which led them to make an offer to take over the company, said Its founder and chairman Tan Sri Jeffery Cheah.
However, he said it is ultimately up to IJM Corp shareholders to decide whether to accept or reject the offer as they have been given until April 6, 2026 to make their decision.
"There is no compelling reason for a compulsory acquisition and there are lots of noises out there... We are doing it (acquisition) just for commercial purposes and we find that it's an attractive vehicle to have and the timing is good, so we made an offer.
"There's no compulsion for the shareholders to sell to us. If they sell to us, yes, fine and good and if they don't sell, we will walk away," he said during a press conference after the launch of Sunway Healthcare Holdings Bhd’s initial public offering (IPO) prospectus.
On Jan 12, Sunway proposed a conditional voluntary takeover offer to acquire the entire 3.51 billion shares in IJM Corp at an offer price of RM3.15 per share.
The group said that assuming full acceptance of the proposed offer and no adjustments are made to the offer price, the total consideration for the proposed offer will be approximately RM11 billion, which will be satisfied via a combination of cash and issuance of new ordinary shares in Sunway.
Sunway said the proposed offer is expected to be completed by the third quarter of 2026. - Bernama
