Sunway Berhad (Sunway) has cleared a major hurdle in its ambitious bid to acquire IJM Corporation Berhad (IJM). During an Extraordinary General Meeting (EGM) held today, Sunway shareholders overwhelmingly approved the ordinary resolution for the conditional voluntary take-over offer.
With shareholder approval secured, the focus now shifts entirely to IJM’s shareholders. The “Acceptance Condition”—the final requirement for the deal to go through—must be met by 5:00 p.m. on Monday, April 6, 2026.
As of today’s deadline, the level of acceptances remains significantly below the threshold required to make the offer unconditional. According to the filing by Maybank Investment Bank: Valid Acceptances: 436,725,021 shares (12.5% of IJM). Acceptances Subject to Verification: 40,941,109 shares (1.2% of IJM). Total Stake Held/Accepted: 13.7% (combined).
The Offeror requires more than 50% of the voting shares for the offer to become successful. If this Acceptance Condition is not fulfilled by the April 6 closing date, the offer will lapse, and all accepted shares will be returned to IJM holders.
The countdown to the “First Closing Date” is now in its final phase. This date marks the 60th day since the offer was first posted on February 3, 2026.
