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...

More Markets

NZ sharemarket starts week up 0.6%
Markets Market Close

NZ sharemarket starts week up 0.6%

The S&P/NZX 50 Index closed at 13,449.85, up 80.45 points or 0.6%.

Graham Skellern 24 Nov 2025
Kiwi Property Group's interim profit lower as write-downs bite
Economy

Kiwi Property Group's interim profit lower as write-downs bite

The property company reiterates its full-year dividend views.

Andy Macdonald 24 Nov 2025
Gentrack in the hunt for 10 new customers
Markets

Gentrack in the hunt for 10 new customers

Shares climb more than 14% on hopes of at least three or four new customers.  

Another solar farm gets the nod from Genesis
Markets

Another solar farm gets the nod from Genesis

Genesis Energy has approved the construction of the Edgecumbe Solar Farm in the Bay of Plenty, marking its second major solar commitment in as many months.The company made a final investment decision (FID) on the 136 megawatt peak (MWp) farm, clearing the way for work to begin sh...

Ian Llewellyn 24 Nov 2025