Skyworks Solutions, Inc. (NasdaqGS:SWKS) made an offer to acquire Rakon Limited (NZSE:RAK) for approximately NZD 420 million on December 7, 2023. As per the transaction, Skyworks Solutions, Inc. will pay NZD 1.7 per share to the shareholders of Rakon Limited. As of December 18, 2023, The Rakon board is promptly progressing a proper process to consider whether advancing the Proposal is in the best interests of shareholders as a whole.

The Rakon board has formed an independent committee to consider, along with its external advisers, the Proposal and to consider any alternative proposals which may emerge. Rakon independent director, Sinead Horgan, is chairing the committee, which is also comprised of the board chair, Lorraine Witten, and independent directors, Keith Watson and Keith Oliver. The board has also received communications from significant shareholders indicating their support for the board to progress the Proposal.

As of may 13, 2024, Rakon advises that the bidder has raised potential complexities that the bidder considers are material to the bidder?s assessment of the Proposal, including the timing for the Proposal. Rakon is subject to confidentiality restrictions in respect of the Proposal and its engagement with the bidder, but will inform shareholders of material developments in respect of the Proposal and any other matters in accordance with its continuous disclosure obligations. Shareholders are reminded that there is no certainty that any transaction will eventuate from the Proposal or as to the pricing or timing of any transaction.