May 5, 2026 - Bourns, Inc. (“Bourns”) confirms that it’s all cash takeover offer under the New Zealand Takeovers Code to acquire all of the equity securities of Rakon Limited (“Rakon”) at NZ$1.55 per share or share right (“Offer”) is now in the process of being completed following the satisfaction of all conditions.
As previously advised to the market, the Offer was conditional on receipt of customary regulatory approvals and acceptance of the Offer in respect of at least 90% of Rakon’s voting rights. Bourns confirmed late last week that:
- acceptances have been received in respect of more than 90% of Rakon shares on issue; and
- all required regulatory approvals have been obtained.
Overview of the takeover process
The Offer was initially announced on 12 January 2026 as an intention to make an offer and was formally launched on 9 February 2026, following dispatch of the Offer Document to Rakon shareholders.
The Offer was:
- fully funded from Bourns’ balance sheet;
- not subject to financing or due diligence conditions; and
- conditional only on a 90% minimum acceptance threshold (unless waived) and receipt of customary regulatory approvals.
During the Offer period:
- Rakon’s three largest shareholders – Robinson family interests, Siward Crystal Technology Co. Limited, and Wairahi Investments Limited / Wairahi Holdings Limited, together with Timemaker interests – entered into lock up agreements to accept the Offer, representing 41.2% of Rakon shares on issue; and
- regulatory approvals were obtained in New Zealand, the United Kingdom, and France, following engagement with the relevant authorities and, in the case of France, agreement on a Commitment Letter customary for transactions of this nature.
With the minimum acceptance condition now satisfied and all regulatory approvals received, Bourns has declared the Offer will now move to formal completion.
Next steps for shareholders
Shareholders who accept the Offer will be paid in accordance with the Offer Document, with acceptors to date being paid on 8 May and other accepting shareholders paid on a batched basis.
For shareholders who do not accept the Offer, Bourns intends to proceed with compulsory acquisition of the remaining shares and share rights in Rakon in accordance with the Takeovers Code.
Commitment to Rakon and its future
Bourns reiterates the strategic intent and commitments outlined at the time the Offer was launched.
Al Yost, President and Chief Operating Officer of Bourns, said:
“From the outset, our intention has been to acquire Rakon as a long term owner and to support the company’s future growth, and we are extremely excited about our combined future together.” Bourns intends to operate Rakon as a standalone division, retaining its global operations, employees and research and development capabilities, while supporting its long term success through access to capital, global scale and our complementary portfolio.
“Rakon has a strong history of innovation in timing and frequency technologies. As part of Bourns, the business will benefit from a stable ownership structure and the ability to invest through market cycles.”
Bourns recognises the importance of Rakon’s New Zealand heritage and its highly skilled workforce and intends to support the business’ ongoing development as part of Bourns’ global operations.
About Bourns, Inc.
Bourns is a privately owned global designer and manufacturer of electronic components, headquartered in Riverside, California, USA, with ultimate ownership held by the Bourns family. Bourns designs, manufactures and supplies a diversified portfolio of electronic components serving transportation, industrial, telecommunications, medical† and advanced electronics markets worldwide. Bourns has a long record of supporting acquired businesses through sustained investment, operational autonomy and a long term ownership approach.
Media and investor enquiries
Shanahan Partners Richard Llewellyn
richard@shanahan.nz 027 523 2362
This announcement should be read together with the Offer Document and prior NZX announcements made by Bourns in relation to the Offer.
Bourns® and the Bourns logo are registered trademarks of Bourns, Inc. and may be used only with the permission of Bourns and proper acknowledgement. Other listed names and brands are trademarks or registered trademarks of their respective owners.
† Bourns® products have not been designed for and are not intended for use in "lifesaving," "life-critical" or "life-sustaining" applications nor any other applications where failure or malfunction of the Bourns® product may result in personal injury or death. See Legal Disclaimer Notice bourns.com/docs/legal/disclaimer.pdf