INDEPENDENT advisors to IJM Corporation Bhd have concluded that the voluntary takeover offer from Sunway Bhd at RM3.15 per share is neither fair nor reasonable, prompting the IJM board to recommend that shareholders reject the proposal.

In a statement to Bursa Malaysia, IJM said its appointed advisors, M&A Securities Sdn Bhd, had evaluated the offer and determined it represented a substantial discount of between RM2.69 and RM3.33 per share, or approximately 46.1 per cent to 51.4 per cent below IJM’s estimated intrinsic share value of RM5.84 to RM6.48.

“The board of directors concurs with the conclusions and recommendation of M&A Securities that the offer is unfair and unreasonable. Accordingly, the board unanimously recommends that shareholders reject the offer,” the company said.

The voluntary takeover offer, which was first announced on 12 January, aims to acquire all 3.51 billion shares of IJM at RM3.15 per share. The offer period will remain open for acceptance until 5 pm on 6 April 2026.

The advisory underscores concerns that Sunway’s bid significantly undervalues IJM, leaving shareholders at risk of accepting a price that does not reflect the company’s true market worth or strategic potential. – March 13, 2026