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.