Sunway makes conditional RM11bil takeover bid for IJM

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Sunway makes conditional RM11bil takeover bid for IJM

Sunway Bhd has proposed a conditional voluntary take-over provide to accumulate all shares in IJM Corp Bhd at RM3.15 per share, valuing IJM at about RM11 billion if the provide is totally accepted.

In a submitting with Bursa Malaysia, Sunway stated the provide covers 3.505 billion IJM shares in situation, excluding treasury shares. Sunway at present doesn’t personal any IJM shares.

Below the proposed construction, accepting shareholders will obtain 10% of the provide value in money, amounting to RM0.315 per IJM share, with the remaining 90% or RM2.835 to be settled by way of newly issued Sunway shares priced at RM5.65 every. For instance, an IJM shareholder holding 1,000 shares would obtain RM315 in money and 501 new Sunway shares. Money quantities shall be rounded all the way down to the closest sen, whereas fractional Sunway shares shall be rounded all the way down to the closest complete share.

The provide is conditional on Sunway securing acceptances that end in it holding greater than 50% of IJM’s voting shares by the deadline. Additionally it is topic to regulatory approvals, together with Bursa Securities’ approval for the itemizing of the brand new Sunway shares and approval from Sunway shareholders at a unprecedented normal assembly.

Sunway stated the RM3.15 provide represents a premium of between 14.55% and 27.99% over IJM’s final traded value and chosen volume-weighted common costs as much as Jan 9. The group stated the proposed acquisition would mix the strengths of each firms, creating a bigger property and building group with stronger scale and resilience amid difficult macroeconomic circumstances.

If IJM fails to satisfy public shareholding unfold necessities after the provide, Sunway might search to delist the corporate. Ought to acceptances attain not less than 90%, Sunway intends to invoke obligatory acquisition provisions beneath the Capital Markets and Companies Act 2007.

Sunway stated IJM would proceed working as a separate subsidiary, with no instant plans for main restructuring or workforce reductions, whereas an integration committee would later assess potential operational synergies.