Bourns, Inc. has cleared a key French regulatory hurdle in its NZ$1.55 per share takeover bid for Rakon, with acceptances reaching 87.62% ahead of the 7 May deadline.
- French regulatory consent obtained for takeover
- 87.62% of Rakon shares accepted as of 29 April
- Offer conditional on reaching 90% acceptance threshold
- Takeover offer closes on 7 May 2026
French Regulatory Approval Clears Major Hurdle
Bourns, Inc. has secured approval under the French Monetary and Financial Code for its full takeover offer of Rakon Limited (NZX:RAK). This regulatory green light removes a significant obstacle for Bourns as it seeks to acquire all ordinary shares and certain unlisted employee share rights in the New Zealand electronics components company at $1.55 per equity security.
Shareholder Acceptance Approaches Critical Threshold
As of 29 April 2026, acceptances under the offer stand at 87.62%, inching closer to the 90% minimum acceptance condition that Bourns must meet or waive to proceed with compulsory acquisition of remaining shares. The offer remains conditional on this threshold among other factors, leaving some uncertainty about whether Bourns will reach full control.
Rakon’s recent financials showed a profit rebound and revenue growth, with the company reporting a 24% lift in group revenue and a doubling of EBITDA for FY26. This backdrop may be influencing shareholder decisions as the takeover nears completion, with acceptance levels rising steadily in recent weeks profit bounce and takeover progress.
Countdown to Offer Close
The takeover offer is scheduled to close at 11.59pm on 7 May 2026. Shareholders who have yet to decide are encouraged to seek professional advice given the offer’s conditions and the implications of accepting or rejecting the bid. The independent directors of Rakon have recommended acceptance, signalling confidence in the offer’s value proposition.
With just over a week remaining, the final acceptance figure will determine the next phase of ownership for Rakon. If Bourns surpasses the 90% threshold, it could initiate compulsory acquisition proceedings to consolidate control. Failure to meet this condition could prolong uncertainty about Rakon’s ownership structure.
Bottom Line?
The French approval advances Bourns’ takeover, but the critical 90% acceptance remains just out of reach, setting up a tense final week before the offer closes.
Questions in the middle?
- Will Bourns achieve the 90% acceptance needed for compulsory acquisition?
- How might Rakon shareholders who have not yet accepted respond in the final days?
- What are the potential implications if the takeover conditions are not fully met?