Why a proposed merger to create Malaysia’s largest construction conglomerate fell apart

Why a proposed merger to create Malaysia’s largest construction conglomerate fell apart

Malaysian construction giant Sunway’s $2.77 billion takeover offer for competitor IJM Corp collapsed on Monday, ending plans to create one of the country’s largest construction and infrastructure groups. By market close on April 6, Sunway only managed to secure commitments for a third of IJM’s shares. This marked the end of Sunway’s bid, which it launched on January 12. Sunway and IJM are both listed on Fortune’s Southeast Asia 500 list, which r…

Deal to create Malaysia’s biggest construction company fails - Global Construction Review

A planned $2.7bn acquisition of Malaysian building and property company IJM Corporation by Chinese-Malaysian conglomerate Sunway Group has failed following an independent review and a collapse in IJM Corporation’s shareholder confidence. Following an extraordinary general meeting earlier this year, 99% of IJM shareholders voted in favour. But then an independent review of the deal by M&A Securities found that it may have undervalued IJM, Nikke…