IJM Drops After Sunway’s $2.7 Billion Takeover Bid Falls Through

Malaysian construction conglomerate IJM Corp Bhd. shares fell after Sunway Bhd.’s takeover offer lapsed, raising the risk of near-term selling pressure as investors reassess its outlook.

The stock dropped as much as 3% on Tuesday, the most in a week, after Sunway failed to secure enough support from IJM shareholders for its acquisition bid. The decline pared IJM’s year-to-date gains to about 1.8%.