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By RNZ

Rakon has received a takeover offer from US‑based electronics manufacturer Bourns Inc, valuing the Auckland tech firm at $356 million.

Loss‑making Rakon – a specialist manufacturer of high‑precision microchips and frequency‑control components – confirmed it had received a formal takeover notice from privately held Bourns.

Rakon reported a narrowed half‑year loss in November.

The offer valued Rakon at $356m, compared with its $206m market value at Friday’s close.

The proposed all-cash bid represented a 72% premium over Rakon’s Friday closing price of 90 cents, with Bourns offering $1.55 per share.

Lock‑up agreements give Bourns an early advantage

In a separate NZX notice, Rakon said Bourns had secured lock-up agreements covering the holdings of its three largest shareholders: Siward Crystal Technologies, interests associated with former CEO Brent Robinson, and Wairahi Investments.

These commitments amount to 41% of Rakon’s outstanding equity – a significant head start for Bourns before the full offer is launched.

Next steps under NZX takeover rules

Bourns must issue a formal takeover offer within 10 to 20 working days from Monday.

The bid is conditional on receiving at least 90% acceptances; otherwise, it lapses.

Bourns said approvals will be required from regulators in New Zealand, France and the UK, and encouraged shareholders to accept once the offer was formally lodged.

“We believe the offer represents a compelling opportunity for you to sell your shares and share rights, and encourage you to accept the offer for all your holdings once the formal offer is made,” the company said in its notice.

Long histories and boardroom tensions

Privately held Bourns was estimated to be worth $7-$10 billion, employing 9000 people.

Bourns Inc, founded in 1947 and family‑owned, manufactures sensors, circuit‑protection devices and magnetic components for the automotive, industrial and consumer electronics markets.

Rakon Limited, founded in 1967, is a global leader in frequency‑control and timing technology used in 5G networks, satellites, emergency beacons, aerospace and defence systems, and autonomous vehicles.

Rakon’s independent directors formed a committee to assess the proposal and were advising shareholders to take no action until the formal offer and an independent adviser’s report were released.

Rakon has been riven with boardroom disagreements in recent times over the performance and direction of the company.

This is the third takeover approach for Rakon in as many years. A previous $391m offer in 2024 collapsed after the unidentified bidder and Rakon failed to resolve “complexities” during due diligence.

-RNZ