Malaysia’s Sunway said on Monday it has made a takeover offer for construction firm IJM Corp for about 11 billion ringgit ($2.71 billion).
The offer prices IJM’s shares at 3.15 ringgit apiece, representing a 14.5% premium to the stock’s last close on Friday.
The total consideration will comprise 1.10 billion ringgit in cash and the issuance of 1.76 billion shares, investment holding company Sunway said in a statement.
Sunway added the shares will be issued at 5.65 ringgit apiece, a slight premium to the stock’s 5.60 ringgit close on Friday.
In November last year, IJM denied media reports of a merger with Sunway, saying its board was not aware of any such proposal.
($1 = 4.0600 ringgit)
Reuters
