""With the offer now concluded, IJM moves forward with resolve. Our shareholders have decided, and we respect the conviction they have placed in IJM's long-term intrinsic value.""
""Market watchers questioned the fairness of Sunway's offer. Malaysia's Kenanga Investment Bank issued a 'reject' recommendation, stating that Sunway's offer price did not reflect IJM's true value.""
""Sunway's offer price reflected a discount of between 46.1% and 51.4% to the estimated value of IJM shares, raising concerns among analysts and stakeholders.""
""In any transaction of this scale, differing perspectives are natural, and we respect the outcome of the process.""
Sunway's bid for IJM concluded on April 6, securing commitments for only a third of shares. The merger aimed to create a major player in Malaysia's construction sector but faced valuation issues and political scrutiny. Analysts criticized Sunway's offer price, which was deemed significantly below IJM's true value. Both companies expressed respect for the outcome, with IJM focusing on strategic investments and overseas expansion. Sunway acknowledged differing perspectives in large transactions, highlighting the complexities involved in the merger process.
Read at Fortune
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