Commander Gets Less Than 0.1%: Extends Offer
N
N
0Overall Score

By yesterday Commander Communications had accumulated less than 0.1 per cent of the voting power in take over target Volante. The off-market offer has been extended another month with no increase in price.

According to its latest filing Commander has accumulated only 87,999 Volante Shares representing voting power of 0.07% sin it began buying on the 9th of January 2006.

The company has now decided to extend the offer to Volante shareholders by another month to close on March 9th, 2006.

Meanwhile, Volante has announced it will proceed with the acquisition of the as-yet unnamed software solutions business as indicated in its Target’s Statement issued to shareholders on 25 January.

While the transaction is subject to final contractual negotiations, Volante says the price and key terms have been settled between it and its target.

Volante plans to pay approximately $5 million (over two financial years) plus additional deferred cash payments dependent on the achievement of various performance hurdles.

However, there is no final date for the acquisition, with Volante only saying the transaction will close before the end of the fiscal year.

In a prepared company statement, Volante CEO, Ian Penman said: ” This acquisition will further complement our existing ICT services offering and provide our customers with a broader solution set.”

The acquisition will add new capabilities to Volante’s existing solutions business and represents a further example of Volante’s commitment to grow its ICT services competences and business. Volante will continue to review acquisition opportunities that add to Volante’s ICT capabilities, said the company