Kuala lumpur: Sunway Bhd's takeover offer for IJM Corporation Bhd has lapsed after failing to meet more than 50 percent of the voting shares, said Maybank Investment Bank Bhd (Maybank IB). In a statement today, the investment bank said the offer has closed at 5 pm on Monday, April 6, 2026.
According to BERNAMA News Agency, the offer has lapsed and ceased to be capable of further acceptance, and all acceptances will be returned to the accepting holders. Sunway will thereafter cease to be bound by any such prior acceptances of the offer. As of 5 pm, Maybank IB stated that Sunway has received valid acceptances under the offer, resulting in the company holding 1.17 billion IJM shares, representing 33.43 percent of the total voting shares in IJM.
In another statement, IJM group chief executive officer and managing director Datuk Lee Chun Fai noted that with the offer now concluded, the group moves forward with resolve, executing an enhanced strategy to deliver the value of its portfolio across its core businesses. He emphasized that their shareholders have decided, and IJM respects the conviction placed in the company's long-term intrinsic value. IJM also acknowledges the interest this exercise has generated among the investment community and thanks its shareholders for their continued engagement and considered assessment of the offer.
Looking ahead, the group is confident in delivering against its strategic priorities across its construction orderbook, property development pipeline, infrastructure concession portfolio, and ongoing overseas expansion. Meanwhile, Sunway expressed its sincere appreciation to all stakeholders and partners who have evaluated the offer and continue to place their trust and confidence in the group. Sunway respects the decision of IJM shareholders and the outcome of the process, acknowledging the robust public discourse that accompanied the offer.
Sunway will continue to build on its strengths, pursue opportunities with discipline, and remain committed to creating long-term value for its stakeholders, the communities it serves, and the nation at large.