Malaysian Builder Sunway Makes $2.7 Billion Offer for IJM

Malaysian builder Sunway Bhd. made an offer to acquire smaller rival IJM Corp Bhd. for about 11 billion ringgit ($2.7 billion) in a move that would help consolidate the country’s construction industry.

Sunway’s cash and stock offer values IJM at 3.15 ringgit a share, according to a statement on Monday. As part of the transaction, Sunway plans to pay 1.1 billion ringgit in cash, and 9.9 billion ringgit with new Sunway shares at 5.65 ringgit per share. Sunway may seek to delist IJM following the takeover bid.