Sunway Bhd has increased the cash portion of its takeover offer for IJM Corp Bhd from 31.5 sen to 32.5 sen per share following the declaration of a two-sen dividend for Sunway shareholders.
The adjustment reflects the dividend payout multiplied by the 0.501 Sunway shares that each IJM shareholder would receive under the offer. Despite the change, the total offer price remains at RM3.15 per IJM share, with the majority of the consideration (90%) still in Sunway shares, valuing IJM at RM11 billion.
Under the revised terms, each block of 1,000 IJM shares now entitles shareholders to RM325 in cash plus 501 Sunway shares worth RM2,830.65 at the current issue price. The issue price of RM5.65 per Sunway share and the number of consideration shares remain unchanged.
The offer will take effect once Sunway secures more than 50% of IJM and meets customary closing conditions. IJM, which operates in construction, property, infrastructure, and highway concessions, has an outstanding order book of RM4.4 billion and unbilled property sales of RM1.59 billion.
Sunway said all other terms of the offer remain the same and advised IJM shareholders to review the offer document and independent advice circular on Bursa Malaysia before deciding.
