Maybank Investment is the adviser and filing agent for Sunway.

In a statement, the investment bank said the offer closed at 5pm today.

As at 5pm, Maybank IB said Sunway had received valid acceptances under the offer, resulting in the company holding 1.17 billion IJM shares, representing 33.43% of the total voting shares in IJM.

“The offer lapsed and ceased to be capable of further acceptance, and all acceptances will be returned to the accepting holders, and Sunway will thereafter cease to be bound by any such prior acceptances of the offer.”

Three days ago, IJM reiterated its call for shareholders to reject a proposed takeover by Sunway which it previously labelled as unfair and unreasonable.

IJM said the voluntary takeover offer (VTO) by Sunway must be assessed in its proper “strategic context”.

On Jan 12, Sunway made a conditional VTO for all 3.51 billion shares in IJM at RM3.15 per share, with today being the deadline for acceptance.

Last month, Permodalan Nasional Bhd, IJM’s second-largest shareholder, decided not to accept Sunway’s offer for its 13.5% stake in the conglomerate.

IJM is essentially owned by various institutional funds, with EPF being its biggest shareholder, holding a 16.8% stake.