By Danial Azhar and Yantoultra Ngui
Sunway's MYX:SUNWAY said on Monday its conditional voluntary takeover offer for IJM Corp MYX:IJM had lapsed after failing to meet the acceptance condition by the 5 p.m. close, ending the Malaysian conglomerate's bid for the construction and property group.
Sunway said it respected the decision of IJM shareholders and would remain focused on executing its strategy across its existing businesses.
IJM, in a separate statement on Monday, said the lapse affirmed shareholder confidence in the company.
Sunway's shareholders had backed the proposal at an extraordinary general meeting, with 99.27% voting in favour, the company said.
Sunway announced the offer on January 12, valuing IJM at about 11 billion ringgit ($2.7 billion), or 3.15 ringgit a share, with the bid conditional on securing more than 50% of IJM's voting shares.
($1 = 4.0250 ringgit)