Commander reaches Volante milestone

Commander reaches Volante milestone

Commander has achieved its goal of acquiring 90 per cent of Volante shares with a day to spare on its revised offer.

The telecommunications integrator had set the high target in order to minimise the possibility of in-fighting once the deal was complete. Commander reserved the right to terminate the deal completely if it didn't reach its stated target.

As the company edged towards the total at the end of last week, Commander managing director, Adrian Coote, said the first order of business would be to conduct a three-month review of Volante operations.

"We made our bid on a hostile basis and, as such, haven't had access to due diligence information," he said. "It's impossible to say what we'll do until we get inside and start talking to management. Decisions will be made on a factual, rather than emotional, basis."

Volante shareholders have been selling shares at $1.15. The offer is made up of $1.05 in cash, an interim dividend of $0.02 fully franked and a special dividend of $0.08.

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