KUALA LUMPUR: IJM Corporation Bhd
and Sunway Bhd fell in early trade today ahead of the deadline for IJM shareholders to accept Sunway’s takeover offer at market close (today).
At 12.16 pm, IJM declined two sen to RM2.29 with 1.37 million shares traded, while Sunway slipped four sen to RM4.99, with 1.37 million shares traded.
Previously, on Jan 12, 2026, Sunway proposed a conditional voluntary takeover offer to acquire the entire 3.51 billion shares in IJM at an offer price of RM3.15 per share, while on March 16, Permodalan Nasional Bhd decided not to accept Sunway’s voluntary takeover offer for its 13.5 per cent stake.
In its statement last Friday, IJM reiterated its call for shareholders to refer to the Independent Advice Circular dated March 13, in which the independent adviser, M&A Securities Sdn Bhd, concluded that the offer "is unfair and unreasonable”.
"The board reiterated its recommendation that shareholders reject the offer. The offer must also be assessed in its proper strategic context,” it said.
IJM said it is at a different stage of its investment cycle, with key assets, such as infrastructure concessions, moving from development to operational phases.
It emphasised that comparisons based only on current margins or short-term earnings do not fully reflect their value or future upside.
Shareholders are therefore advised to assess the Sunway offer based on the Independent Advice Circular, the company's official announcements, and IJM's underlying value, strategic position and prospects. - Bernama
