Takeover update: Offer unconditional

Rakon Limited
T: +64 9 573 5554
8 Sylvia Park Road, Mt Wellington, Auckland 1060, New
Zealand


Page 1 of 2

1 May 2026
Takeover update: Offer unconditional
On 9 February 2026, Bourns, Inc. (Bourns) made a full takeover offer to acquire all of the equity
securities in Rakon, being ordinary shares and certain unlisted employee share rights, for $1.55 per
equity security (the Offer). The Independent Directors recommended in the Target Company
Statement, dated 23 February 2026, that shareholders accept the Offer.
Bourns has now received acceptances under the Offer in respect of more than 90% of the Rakon
shares. This means that the 90% minimum acceptance condition under the Offer has now been
satisfied.
In addition, as Bourns was required to under the terms of the Offer, it has now declared the Offer
unconditional.
This means that under the terms of the Offer:
 shareholders and holders of share rights that have validly accepted the Offer on or prior to 1
May 2026 will be paid by no later than 8 May 2026; and
 shareholders and holders of share rights that validly accept the Offer after 1 May 2026 will be
paid within five working days of the date on which Bourns receives your acceptance.
Given that the minimum acceptance condition of the Offer has been satisfied in the last six working
days of the offer period for the Offer, the Offer has automatically been extended under rule 24C of the
Takeovers Code and now closes at 11.59pm on 15 May 2026.
The attached letter is being sent to shareholders and holders of share rights who have not yet
accepted the Offer.
Intention to compulsorily acquire
Because Bourns has received acceptances under the Offer in respect of more than 90% of the Rakon
shares, under the Takeovers Code, Bourns will be entitled to compulsorily acquire all the remaining
equity securities that are not accepted under the Offer. In the Offer document for the Offer, Bourns
said that if it becomes entitled to invoke the compulsory acquisition provisions of the Takeovers Code,
it intends to compulsorily acquire all the outstanding equity securities in Rakon and apply for Rakon to
be delisted from NZX.
To commence the compulsory acquisition process, Bourns must send an acquisition notice under the
Takeovers Code to all remaining shareholders and holders of share rights within 20 working days
after the Offer closes. The compulsory acquisition offer must remain open for 15 working days and
Bourns must make payment within five working days after it receives the relevant acceptance.
The price Bourns will pay for those equity securities under compulsory acquisition will be the same as
the offer price under the Offer ($1.55 per equity security). This price cannot be objected to under the
Takeovers Code.
The Independent Directors recommend that shareholders and holders of share rights that have
not yet accepted the Offer in respect of all of those shares or share rights, should accept the
Offer as soon as possible. This is because if shareholders and holders of share rights accept
the Offer they will receive the same consideration for their shares or share rights at an earlier

Rakon Limited
T: +64 9 573 5554
8 Sylvia Park Road, Mt Wellington, Auckland 1060, New
Zealand


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date than if their shares or share rights are acquired through the compulsorily acquisition
process.
Shareholders are encouraged to seek professional financial, taxation or legal advice if they have any
questions in respect of the Offer.
Rakon will continue to keep shareholders informed.
For media enquiries contact: emmahart@hpmedia.com +64 220710551
Announcement authorised by:
Christopher Swasbrook (Independent Director) and Greg Barclay (Independent Director)

ENDS

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Rakon Limited
T +64 9 573 5554, F +64 9 573 5559
8 Sylvia Park Road, Mt Wellington, Auckland 1060, New
Zealand


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© 2026 Rakon Limited. All Rights Reserved. Unauthorised use or publication is expressly
prohibited.


1 May 2026
Dear holder of Rakon shares or share rights,
Takeover update: Offer unconditional - Accept as soon as possible
On 9 February 2026, Bourns, Inc. (Bourns) made a full takeover offer to acquire all of the
equity securities in Rakon, being ordinary shares and certain unlisted employee share rights,
for $1.55 per equity security (the Offer). The Independent Directors recommended in the
Target Company Statement, dated 23 February 2026, that shareholders accept the Offer.
Bourns has now received acceptances under the Offer in respect of more than 90% of the
Rakon shares. This means that the 90% minimum acceptance condition under the Offer has
now been satisfied.
In addition, as Bourns was required to under the terms of the Offer, it has now declared the
Offer unconditional.
This means that under the terms of the Offer, if you:
 have validly accepted the Offer on or prior to 1 May 2026, you will be paid by no
later than 8 May 2026; and

 validly accept the Offer after 1 May 2026, you will be paid within five working days of
the date on which Bourns receives your acceptance.
Given that the minimum acceptance condition of the Offer has been satisfied in the last six
working days of the offer period for the Offer, the Offer has automatically been extended
under rule 24C of the Takeovers Code and now closes at 11.59pm on 15 May 2026.
Intention to compulsorily acquire
Because Bourns has received acceptances under the Offer in respect of more than 90% of
the Rakon shares, under the Takeovers Code, Bourns will be entitled to compulsorily acquire
all the remaining equity securities that are not accepted under the Offer. In the Offer
document for the Offer, Bourns said that if it becomes entitled to invoke the compulsory
acquisition provisions of the Takeovers Code, it intends to compulsorily acquire all the
outstanding equity securities in Rakon and apply for Rakon to be delisted from NZX.
To commence the compulsory acquisition process, Bourns must send an acquisition notice
under the Takeovers Code to all remaining shareholders and holders of share rights within
20 working days after the Offer closes. The compulsory acquisition offer must remain open

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for 15 working days and Bourns must make payment within five working days after it
receives the relevant acceptance.
The price Bourns will pay for those equity securities under compulsory acquisition will be
the same as the offer price under the Offer ($1.55 per equity security). This price cannot be
objected to under the Takeovers Code.
The Independent Directors recommend that if you hold shares or share rights and have
not yet accepted the Offer in respect of all of those shares or share rights, that you should
accept the Offer as soon as possible. This is because if you accept the Offer, you will
receive the same consideration for your shares or share rights at an earlier date than if
your shares or share rights are acquired through the compulsorily acquisition process.
If you have any queries in relation to the Offer, you should ask your professional adviser or
email investors@rakon.com.
Gregor Barclay & Christopher Swasbrook
Independent Directors
Rakon Limited