Sunways

Sunway, controlled by Jeffrey Cheah, is proceeding with its 11 billion ringgit takeover offer for Kuala Lumpur-listed construction group IJM under SEC takeover rules despite an ongoing money‑laundering probe into IJM. IJM said it is cooperating with Malaysian Anti‑Corruption Commission investigators and denied awareness of a U.K. investigation, while its chairman Krishnan Tan has met with authorities. The takeover has drawn public criticism over potential dilution of government and indigenous Malay interests; IJM shares rallied after the probe news while Sunway shares dipped slightly since the bid announcement. » Altro su forbes.com

Sunway, controlled by Jeffrey Cheah, announced an 11 billion ringgit cash-and-stock offer to acquire IJM, valuing the target at 3.15 ringgit per share, a 14.5% premium. The deal comprises 1.1 billion ringgit in cash and 9.9 billion ringgit in new Sunway shares priced at 5.65 ringgit each. Sunway may seek to delist IJM if the offer succeeds; the combined group would have about 57.8 billion ringgit in assets and seeks regulatory approval with completion targeted in the third quarter. » Altro su forbes.com