US buyer Bourns hits threshold for full takeover of NZ tech stock Rakon
Friday, 1 May 2026
California’s Bourns Inc has managed to convince 90% of Rakon shareholders to take them up on their takeover offer, and that means they are now able to compulsorily acquire 100% of the company.
It puts an end to the NZX journey of one of the country’s few listed advanced manufacturing and semiconductor companies, and removes a local vehicle for investment in these sectors.
In February, Bourns made an offer to buy all ordinary shares and employee share rights in the Auckland-based high tech firm for $1.55 apiece.
In publicly notifying the deal, Bourns secured lock-up agreements from Rakon’s three largest shareholders - the founder’s family, the Robinsons; Taiwan’s Siward Crystal Technology and major shareholder Mike Daniels - who collectively represented approximately 41.2% of the company's total shares.
Read more:
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Americans push out Rakon offer after falling short of 90% threshold
These parties were prohibited from selling or trading their shares with any other party while the offer was being considered
Meanwhile, the company’s independent directors recommended shareholders accept the offer. But it has taken several months to get to 90%, with Bourns this week warning it would not be making another offer for the company if the May 7 deadline came and went without the right number of shares changing hands.
As Bourns was waiting for shareholders to accept, the deal received regulatory approval from the UK, New Zealand’s Overseas Investment Office and France, which was the final pending regulatory hurdle.
Now it’s reached 90%, Bourns compulsorily acquires the outstanding 10% of the company under the rules, a process now extended until May 15. After that, Rakon is delisted from the NZX.
Rakon specialises in the design and manufacture of frequency control products and timing solutions, which act as the 'heartbeat' for electronic systems, providing the precise and stable signals necessary for synchronisation and communication.
The componentry’s key use in 5G networks and cloud computing systems has seen Rakon extend its sales around the world, and in its most recent unaudited annual results for the year ended March 31, it reported group revenue of $128.8 million, a 24% increase over the previous year.
But the company has been hamstrung by a lack of capital and the difficulties it has had in maintaining its share price value on the NZX. The company’s recent history has also been marked by volatile earnings, few dividend payouts and internal disagreements.
Bourns is a privately held, family-owned American electronics company specialising in electronic components. It is estimated to be worth between US$7 billion and US$10b.
Rakon was founded in 1967 by Warren Robinson. He started the business in the garage of his family home in Howick, initially manufacturing quartz crystals for the New Zealand marine radio market.