Americans push out Rakon offer after falling short of 90% threshold
Monday, 9 March 2026
California-based Bourns Inc. has extended its offer for listed high tech manufacturer Rakon, having only had its offer accepted by just shy of 65% of shareholders.
On February 9, Bourns made a full takeover offer of $1.55 per share for all Rakon stock, an offer that was to be held open to at least almost midnight on Match 23. If 90% of shareholders agree to the offer, Bourns will be able to fully acquire the company.
Now, the offer is open until April 13 to try and get a few more sellers on board.
Auckland-based Rakon makes timing and frequency technologies that are found in a raft of modern technologies.
Bourns’ offer values the company at $356m, which is at the mid-range of the independent assessor’s value for it, and it has been endorsed by the independent directors of Rakon.
But some shareholders believe the offer undervalues the company, given the top end of the valuation range put it at $1.94 a share.
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Holders of 149.5 million shares have thus far indicated they’ll sell their stock to the Americans, including the company’s three largest shareholders ‒ the founding Robinson family’s interests, Singapore’s Siward Crystal Technology, and major shareholder Mike Daniels’ Wairahi vehicles.
These three represent just over 41% of the company, and they have “locked up” their shares as a sign of commitment to the deal, meaning they will not sell or trade them until the offer has either received enough buyers or not.
It is unclear what Bourns would do if they fail to get to 90%, but one option surfaced in the Target Company Statement, which said Rakon could remain listed on the NZX with Bourns as its majority shareholder. Bourns might also relinquishes all shares in the company.
Clearance under the UK National Security and Investment Act 2021 for the deal has been acquired, while permission under New Zealand’s Overseas Investment Act and regulatory approval under the French Monetary and Financial Code progresses.
Supporters’ case
Independent directors have emphasised to shareholders that the $1.55 per share offer for Rakon from Bourns is within the independent adviser’s valuation range, and represents a premium to the $0.90cps the stock was trading at just prior to the offer being made.
Rakon shares are currently trading at $1.47.
In addition, they say, there have been no competing proposals emerge to buy the company, its largest shareholders have signed on to sell, including interests associated with company’s founder, and more capital is needed either way to grow the company as per its plans.
And, the high likelihood of the shareprice “falling towards, or below, the pre-offer level should the offer not succeed.”