KUALA LUMPUR: IJM Corporation Bhd’s independent adviser has recommended that shareholders reject Sunway Bhd’s takeover offer of RM3.15 per share, deeming it unfair and unreasonable.
In a filing with Bursa Malaysia today, IJM said the appointed adviser, M&A Securities Sdn Bhd, noted that the offer price represents a discount of approximately 46% to 51% to the estimated value of IJM shares, which range from RM5.84 to RM6.48.
“The board has concurred with the conclusion and recommendation of M&A Securities that the offer is not fair and not reasonable.
“Accordingly, the board unanimously recommends that the holders reject the offer,” the company said.
The offer will remain open for acceptance until 5pm on April 6.
On Jan 12, Sunway tabled a conditional voluntary takeover offer for 3.51 billion shares in IJM Corp Bhd at RM3.15 per unit.
