Rakon says potential takeover offer won't be progressed further

Rakon has announced that the unsolicited, non-binding, indicative proposal it received in December 2023 will not be progressed further.

The company's decision to end the process was due to the inability to reach a suitable resolution during the due diligence phase.

The proposal was described as incomplete, highly conditional and subject to strict confidentiality controls.

Rakon's chair, Lorraine Witten, acknowledged the initial worthiness of the proposal and the interest shown in the company.

However, no further comment will be provided by Rakon due to the ongoing confidentiality restrictions.

Rakon is a world leader in advanced frequency control and timing solutions for communications.

It is listed on the New Zealand stock exchange.