Rakon sale to mystery bidder fails with parties unable to resolve issues

Rakon sale to mystery bidder fails with parties unable to resolve issues
Rakon chief executive Sinan Altug said he wasn't worried about the firm's spending on the failed buyout. (Image: Rakon)
Rebecca Stevenson
A potential $400 million takeover of advance parts maker Rakon is off, the firm said on Wednesday.  Rakon fielded an unsolicited bid for its business for $1.70 per share in December and spent $2.2m working on the deal.  Rakon told the New Zealand stock exchange (NZX) it had been unable to resolve issues the unnamed bidder raised in May.  Australian media had reported the potential buyer was Nasqad-listed Apple supplier Skyworks but Rakon said given the strict confidentiality restrictions that remained in place about the bid it wo...

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