Maybank Investment is the adviser and filing agent for Sunway.
In a statement, the investment bank said the offer closed at 5pm today.
As of 5pm, Maybank IB said, Sunway had received valid acceptances under the offer, resulting in the company holding 1.17 billion IJM shares, representing 33.43% of the total voting shares in IJM.
“The offer lapsed and ceased to be capable of further acceptance, and all acceptances will be returned to the accepting holders, and Sunway will thereafter cease to be bound by any such prior acceptances of the offer,” it said.
Three days ago, IJM reiterated its call for shareholders to reject a proposed takeover by Sunway which it previously labelled as unfair and unreasonable.
IJM said the voluntary takeover offer (VTO) by Sunway must be assessed in its proper “strategic context”.
On Jan 12, Sunway made a conditional VTO for all 3.51 billion shares in IJM at RM3.15 per share, with today being the deadline for acceptance.
Last month, Permodalan Nasional Bhd, IJM’s second-largest shareholder, decided not to accept Sunway’s offer for its 13.5% stake in the conglomerate.
IJM is essentially owned by various institutional funds, with EPF being its biggest shareholder, holding a 16.8% stake.
In a statement this evening, IJM group CEO and managing director Lee Chun Fai said that with the offer now concluded, the group will move forward with resolve, executing an enhanced strategy to deliver the value of its portfolio across its core businesses.
“Our shareholders have decided and we respect the conviction they have placed in IJM’s long-term intrinsic value,” he said.
IJM also acknowledged the interest the exercise had generated among the investment community, and thanked its shareholders for their continued engagement and considered assessment of the offer.
Looking ahead, it said, the group was confident of delivering its strategic priorities across its construction order book, property development pipeline, infrastructure concession portfolio and overseas expansion.
In a separate statement, Sunway expressed its appreciation to all stakeholders and partners who had taken the time to evaluate the offer and who continued to place their trust and confidence in the group.
“We respect the decision of IJM shareholders and the outcome of the process. In any transaction of this scale, differing perspectives are natural, and we acknowledge the robust public discourse that has accompanied the offer.
“Sunway will continue to build on our strengths, pursue opportunities with discipline, and remain committed to creating long-term value for our stakeholders, the communities we serve, and the nation at large,” it said.