Rakon share price rockets after takeover bid announced

The bid is incomplete and highly conditional at this stage. (Image: BusinessDesk)

Mon, 11 Dec 2023

Rakon has received an unsolicited acquisition proposal for $1.70 per share in cash, 2.74 times the $0.62 value per share at the market open today, totalling $391 million against the current market capitalisation of $142.5m.Trading resumed at 4:30pm, and by the close of the market, Rakon’s share price had increased 93.5% to $1.20.The New Zealand stock exchange-listed tech components maker announced the offer to the market following a brief trading halt.The offer was made on Dec 7 but is incomplete and highly conditional, according to the a...

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