Jeffrey Cheah, founder and executive chairman of Sunway.Ian Teh for Forbes AsiaSunway—the flagship company of Malaysian billionaire Jeffrey Cheah—abandoned its 11 billion ringgit ($2.8 billion) bid to take over IJM Corp. after failing to get enough support from the construction company’s shareholders.The real estate-to-healthcare conglomerate received acceptances for 1.18 million IJM shares, about 33.4% of the company’s outstanding shares, at the close of the offer on Monday, Kuala Lumpur-based IJM said in a regulatory filing. That’s well below the 50% stake threshold required for the offer to proceed.“We respect the decision of IJM shareholders and the outcome of the process,” Sunway said in a separate statement. “In any transaction of this scale, differing perspectives are natural, and we acknowledge the robust public discourse that has accompanied the offer.”Since Sunway announced the bid in January, the company has faced setbacks. Last month, IJM’s board recommended investors reject the 3.15 ringgit per share offer, which was deemed well below fair value. Malaysian state-linked investor Permodalan Nasional Bhd, which holds a 13.5% stake in IJM, rejected the offer.“With the offer now concluded, IJM moves forward with resolve, executing an enhanced strategy to deliver the value of its portfolio across the Group’s core businesses,” Lee Chun Fai, group CEO & managing director of IJM said in a separate statement. MORE FOR YOUThe proposed deal would have created a group with 57.8 billion ringgit in assets, ranking among Malaysia’s largest property and construction companies. IJM shares fell as much as 3% in Tuesday morning trading in Kuala Lumpur, while those of Sunway were flat.“Sunway remains firmly focused on executing our strategy and continuing to deliver value across our integrated businesses as we have done over the years,” Sunway said. Cheah, chairman and founder of the group, has been expanding Sunway’s property business, including in Singapore, where the group recently agreed to buy MCL Land for S$739 million ($578 million). Last month, its healthcare unit, Sunway Healthcare, raised 2.9 billion ringgit in Malaysia’s biggest IPO in nearly a decade.With a real-time net worth of $4.8 billion, Cheah is one of Malaysia’s wealthiest. Over the past five decades, he has grown Sunway from a small tin-mining company into a major conglomerate with businesses in construction, education, healthcare, infrastructure and property.—With assistance from Jessica Tan.