Bourns’ Takeover of Rakon Turns Unconditional as 90% Threshold Passed

Rakon ( (NZ:RAK) ) just unveiled an update.

Bourns, Inc. has secured acceptances for more than 90% of Rakon’s shares under its $1.55-per-security full takeover bid, satisfying the minimum acceptance condition and allowing the offer to be declared unconditional. Holders who accepted by 1 May will be paid by 8 May, while later acceptances will be settled within five working days, and the offer period has been automatically extended to 15 May under the Takeovers Code.

Having crossed the 90% threshold, Bourns can now move to compulsorily acquire the remaining Rakon equity at the same $1.55 price and subsequently seek Rakon’s delisting from the NZX, effectively ending its status as a listed company. Independent directors continue to urge remaining shareholders and holders of share rights to accept the offer promptly, noting they will receive the same consideration sooner than if they wait for compulsory acquisition, a key timing consideration for investors.

More about Rakon

Rakon Limited is a New Zealand-based technology company that designs and manufactures frequency control products and timing solutions. Its devices are used in applications such as telecommunications infrastructure, positioning and navigation systems, and other high-performance electronics, with shares currently listed on the NZX main board.

Average Trading Volume: 105,986

Current Market Cap: N$351.6M

Learn more about RAK stock on TipRanks’ Stock Analysis page.