Commander gains majority share in Volante

Commander gains majority share in Volante

Commander has made a final extension to its takeover bid for Volante to April 19. The move comes as the communications integrator gains a majority stake in the company.

The company currently has 54.9 per cent of Volante shares already in hand, along with a further 19 per cent from larger investors being held for the telecommunications company by Macquarie Securities.

There is a condition in the Commander offer, however, allowing it to withdraw from the acquisition if it doesn't obtain 90 per cent. Managing director, Adrian Coote, is still keen to enforce this figure.

"It's very important for us to hit the 90 per cent target and we're doing a lot to communicate that to shareholders," he said. "We're not interested in a rump of minorities sitting around."

Although Commander's offer was set to close on April 7, the fact it has now acquired more than 50 per cent of Volante's shares has automatically extended the deal, by operation of law, to 7pm, April 19.

When asked what the business would do if it found itself under the 90 per cent target in two week's time, Coote said he had yet to discuss the possibility with the Commander board.

"I can't see why we wouldn't reach 90 per cent [before the April 19 deadline]. Perhaps when we're closer to that time we'll have a view, but we're certainly very intent on getting there," he said. "Sitting on 75 per cent two weeks out is a very powerful position."

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