Despite failing in its bid to force Volante into revealing details of current deals it has in the pipeline, unwelcome suitor Commander Communications, has extended its off-market offer for Volante shares.However, the offer still falls short of current on-market price. Commanders offer of $1.01 cents per share falls far short of today’s share price of $1.095 a share. However, despite its slow and unlikely progress, Commander again extended its offer, this time until 7:00 pm (
As at last notice, Commander had only received acceptances for 87,999 Volante shares representing 0.07 per cent of the total shares on issue.
“From where things stand today, it is difficult to see Commander’s bid going anywhere at the current price,” said Ian Penman Managing Director of Volante.
Commander had applied to the Takeovers Panel to have Volante forced to reveal additional detail surrounding hoped for managed services contracts the company used to justify a target price of up to $1.44 in its Target’s Statement.
However, the Takeover Panel this week rejected Commanders bid based on Volante’s Supplementary Target’s Statement which outlines why Volante thinks it is unnecessary and inappropriate for Volante to provide the information on the deals it hasn’t yet signed.
Penman, said “Shareholders should note that nothing in the Supplementary Target’s Statement changes the Directors’ Forecasts or the strong recommendation of the Board that shareholders reject Commander’s offer of $1.01 per share”.
“Despite the requirements of responding to Commander’s offer, we are continuing to focus on aggressively pursuing growth in our services business and the implementation of a new sales platform for our Products Solutions business”.