Rakon Limited 2026
Transaction Type: Takeover (Full)
Offeror: Bourns, Inc
Independent Adviser(s): Calibre Partners Limited (Rule 21) & Simmons Corporate Finance Limited (Rule 22)
Offer commencement date: 9/02/2026
Offer closing date: 15/05/2026
On 9 February 2026, Bourns, Inc (Bourns) made a takeover offer for all of the fully paid ordinary shares and share rights in Rakon Limited (Rakon) that it did not already own, for consideration of $1.55 for each ordinary share and each share right (the Offer). Simmons Corporate Finance Limited prepared the independent adviser’s report required under rule 22 and certified that the consideration and terms offered were fair and reasonable as between the ordinary shares and share rights and as between the 5 classes of share rights.
On 17 February 2026, the Panel granted an exemption from clause 5(1)(b) of Schedule 2 of the Code to the extent that it would require the Target Company Statement (TCS) to disclose the holdings of share rights held by a number of employees who were not senior managers.
Bourns released its TCS on 23 February 2026, recommending that shareholders accept the Offer. Calibre Partners Limited prepared the independent adviser’s report required under rule 21 and assessed the valuation range as $1.46 to $1.94 per share.
On 1 May 2026, Bourns received acceptances for more than 90% of Rakon’s shares and share rights. The Offer closed on 15 May 2026, after which Bourns compulsorily acquired the outstanding shares and share rights for the same consideration of $1.55.
On 18 May 2026, Rakon was delisted from the NZX.
