When a tycoon blunders
How a self-imposed clause turned a mega-merger into a scramble.
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I have been inundated with chats and random link drops over Sunway’s bid to acquire IJM.
The deadline is tomorrow.
This is one of the largest deals to come by in recent memory, pitched as a visionary move to create a so-called Malaysian “national champion.”
Instead, Sunway’s RM11 billion takeover bid has devolved into a frantic, eleventh-hour scramble.
The narrative of seamless corporate synergy has been shattered by institutional resistance, accusations of asset-stripping, and a stunning admission of regret by Sunway’s billionaire founder, Jeffrey Cheah.
First, let’s go underneath the boardroom PR that made up the week.