Volante fails to halt Commander takeover bid

Volante fails to halt Commander takeover bid

Volante has failed in its appeal to the Takeovers Panel to stop the issuing of what it claims is an incorrect Bidder's Statement to its shareholders as part of a hostile takeover bid by Commander.

The telecommunications company initiated its takeover of Volante in late December with an offer value of $129.7 million, or $1.01 per share. Volante immediately responded to the move by appointing Macquarie Bank and Deacons as its financial and legal advisors, respectively.

As part of the takeover bid, Commander also created a Bidder's Statement for Volante shareholders to review with regard to selling its shares.

Volante appealed this document to the Takeovers Panel, yesterday, claiming that it contained "a number of deficiencies" which would be "materially misleading" for its shareholders.

A Commander spokesperson said the government-backed Panel had now reviewed the document and given the green light for Commander to issue it, albeit with supplemental material to address the Volante concerns.

This ignores the original Volante requests that Commander correct the Bidder's Statement to its satisfaction, providing a printer's proof of the document no less than two business days before despatch to Volante shareholders.

It had also requested that Commander take out corrective advertising.

The Bidder's Statement, with supplemental material, is being issued to Volante shareholders from today.

Follow Us

Join the newsletter!


Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Brand Post

Channel Roadmap

The Channel Roadmap is a bespoke content hub housing strategic priorities from technology vendors for 2022 and beyond, partners can find the guidance on the key technologies and markets to pursue, to help build a blueprint for future success.

Show Comments