Rakon saw it's NZX-listed shares jump nearly 15 per cent earlier today on renewed takeover speculation.
• US-China 5G power-play hangs over Rakon
But this afternoon, Rakon chair Bruce Irvine poured cold water on reports Sydney-based Crescent Capital Partners was sniffing around.
"There has been no contact or communication of any form with the company about this speculation of a takeover or investment in Rakon,' he said.
"We are not aware, and I have confirmed with my fellow directors we are not aware of any situation regarding this particular rumour."
This morning, the AFR reported that the Auckland-based maker of crystal oscillators used in GPS, telecommunications gear, missiles and satellites was in Crescent's sights.
Rakon shares closed yesterday down 4 per cent to 24 cents for a market cap of $58.5 million.
In early trading today, they jumped 14.6 per cent to 27.5c.
The stock is still down 27 per cent over the past year, and well off its all-time high of $5.60 in the mid-2000s, when it had a market cap north of $700m.
The company reported net profit down a third to $1.3m on revenue that increased 7 per cent to $56m for the six months to September 30. Net debt stood at $7.6m.
Trading to the upside was speculative, said Peter McIntyre, an investment adviser at Craigs Investment Partners, and if anything supply and component companies might be impacted by delays due to coronavirus.
"We'd observe there are a number of New Zealand businesses which have strong positions and we're seeing an acceleration in private capital buying listed companies," Shane Solly, portfolio manager at Harbour Asset Management said.
Managing director Brent Robinson has been talking up potential business from 5G upgrades since at least May last year, but so far investors haven't been biting.
Previous Next Big Thing opportunities for Rakon, from the Rise of the iPhone to IoT (the Internet of Things) have failed to deliver fat profits or revive its shares from their long slump.
A shareholder revolt in 2016 saw Darren Robinson ousted from the board at the company's AGM and Warren Robinson, who was not up for election, tell investors he would retire at the end of his term. Then Shareholders Association chairman John Hawkins told the meeting the Robinson family had listed the company and then continued to run it like a family-owned business.
Today, Brent Robinson remains on the board as well as serving as CEO, while Darren Robinson serves as sales and marketing director.
The Sydney-based Crescent has held talks to acquire the company, the AFR says including a round of negotiations overseen by bankers from Credit Suisse's New Zealand affiliate Jarden.
Various members of the Robinson family hold a combined 20.5 per cent of Rakon shares today, more than any single investor.
Taiwan's Siward Crystal Technology has a 16.6 percent stake and ACC 4.5 per cent.
In November, it was rumoured that Anchorage Capital Partners was interested in a Rakon buyout, but the talk came to nothing.
With reporting by BusinessDesk