IJM Corporation Berhad has rebuffed Sunway Berhad's conditional voluntary takeover offer, asserting that the proposal was not discussed with the company beforehand and advising shareholders to reject the offer. The company clarified the sequence of events leading up to the offer, emphasizing the lack of prior consultation and raising concerns about the offer's fairness, relying on the independent adviser's report that deemed the offer neither fair nor reasonable. The company is emphasizing on its long-term value.
IJM Corporation Berhad has responded to Sunway Berhad 's conditional voluntary takeover offer ( VTO ), reiterating its stance that the proposal was not discussed with the company before its formal announcement and maintaining its recommendation for shareholders to reject the offer. In a formal statement released, IJM clarified that no offer was presented to the company on January 9, contradicting claims reported in the media.
The company detailed the timeline of events leading up to the announcement of the VTO on January 12, 2026. The IJM group stated that its chairman, Tan Sri Krishnan Tan, and group chief executive officer, Datuk Lee Chun Fai, received a meeting request from Sunway on January 9, scheduling a meeting for January 10. Due to the chairman’s overseas travel, the meeting ultimately took place on January 12. IJM also received a letter from Sunway, requesting the suspension of trading in its shares on the same day. During the lunch meeting, IJM was informed that a takeover notice would be issued later that day, with no substantive discussion on the proposal itself, as the offer was to be directed to IJM shareholders directly. The statement from IJM highlighted: “The company wishes to emphasise that any discussions Sunway may have had with any shareholders prior to the announcement of the VTO were conducted without the knowledge or involvement of the IJM Board or its Management.” This highlights the lack of prior communication or collaboration regarding the proposed takeover. The company's response suggests a degree of surprise and potential concern regarding the unsolicited nature of the offer and the absence of prior consultation. The focus on shareholder value and the advice against the offer underscore IJM’s commitment to protecting the interests of its investors and its belief in its long-term prospects. This approach aims to secure the best outcome for the company and its stakeholders amid Sunway’s unsolicited attempt to take over IJM.\Further elaborating on its concerns, IJM raised specific issues regarding potential remarks suggesting a delineation of roles between the two groups. It expressed that restricting IJM's involvement in certain key segments, such as data centres, could potentially be detrimental to the long-term interests of the remaining shareholders. This indicates apprehension about a potential restructuring that might not fully recognize the intrinsic value of IJM’s diverse business portfolio. The company underscores that such limitations could affect the value derived from its existing operations and future strategic plans. IJM also cited the independent advice circular dated March 13, wherein the independent adviser, M&A Securities Sdn Bhd, provided a comprehensive analysis and concluded that the offer from Sunway was neither fair nor reasonable. This advisory opinion serves as a critical piece of information for shareholders, providing an independent assessment of the offer's financial implications and value proposition. The circular further recommended that shareholders carefully consider the long-term value inherent in IJM’s assets, particularly its infrastructure concessions, as they transition into operational phases, promising future upside potential. This emphasizes the growth outlook of the company and presents the view that accepting the offer would undervalue the company’s future prospects. The company is actively promoting an informed evaluation process for its shareholders, ensuring that they possess all relevant information to make an informed decision and to protect their investments during the takeover process. The focus on the advice of the independent advisory circular indicates the importance given to impartial financial advice.\The response from IJM underscores the company's commitment to defending its current strategic path and maximizing shareholder value. The careful articulation of the events leading up to the VTO announcement, combined with the detailed explanation of the perceived shortcomings of Sunway's offer, conveys IJM’s strong belief in its existing strategies and long-term prospects. IJM’s management has clearly taken a firm stance against the unsolicited takeover offer, emphasizing its determination to maintain its independence and pursue its own strategic direction. The company is actively working to ensure that the shareholders possess a full understanding of the implications of Sunway's VTO. The communication also reflects on concerns about the future role of IJM within the combined group. The company wants to ensure that all significant strategic decisions are fully transparent and that the long-term value for all stakeholders is the primary focus of any proposed transaction. Through its detailed responses, IJM effectively communicates its position and aims to influence shareholder sentiment and action. The emphasis on independent financial advice reinforces the importance of an unbiased evaluation of the offer. By rejecting the unsolicited offer and emphasizing its potential for future growth, the company is positioning itself to continue along its intended path of development for the benefit of all involved. The company's determination to reject Sunway's offer underscores its commitment to ensuring that its shareholders are protected and that the company continues on a path of growth and stability
IJM Corporation Berhad Sunway Berhad Takeover Offer VTO Shareholders M&A Securities Sdn Bhd
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