Permodalan Nasional Bhd (PNB) has not yet made any decision on Sunway Bhd's voluntary general offer (VGO) to acquire a stake in IJM Corporation Bhd.
The offer is based on commercial considerations, including return on investment, intrinsic value and future prospects of IJM, cash consideration and estimated future value of the exchange shares offered.
On 12 January, Sunway submitted a conditional voluntary takeover offer to acquire a total of 3.51 billion IJM shares at RM3.15 per share, involving a consideration of approximately RM11.0 billion.
The offer will be completed through a combination of cash payment and the issuance of new Sunway ordinary shares.
PNB informed that Sunway has just issued the offer document to all IJM shareholders.
Independent advisors appointed by the IJM board of directors are scheduled to issue their advice by 16 March, while the offer period is open until 6 April or such extension as may be permitted under the takeover regulations.
PNB also stressed that its shareholding in IJM is currently less than 13.5 per cent, thus having no influence on the final outcome of the offer. The success of the VGO is dependent on the acceptance of more than 50 per cent of all IJM shareholders.
Deputy Prime Minister Datuk Seri Fadillah Yusof had previously stated that PNB would assess Sunway's offer based on commercial considerations, risk, governance, investment return and post-acquisition strategic plan, with any decision being made independently in accordance with its internal governance and approval processes.
In line with its strict investment framework, PNB stressed that the proposed VGO would undergo a thorough internal assessment guided by investment discipline and fiduciary responsibility, with a focus on long-term value creation in the interests of all unitholders.
