Sunway fails in IJM takeover bid

KUALA LUMPUR: Sunway Bhd has failed in its takeover bid of 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.