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Volante, Commander bury hatchet

The bitter struggle between Commander and takeover target Volante appears to be over, with the Volante board recommending shareholders accept the communications specialists' latest offer.
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Written by Iain Ferguson on
The bitter struggle between Commander and takeover target Volante appears to be over, with the Volante board recommending shareholders accept the communications specialists' latest offer.

In a joint statement issued to the Australian Stock Exchange early this afternoon, Commander and Volante said the IT services company's board had "unanimously recommended that, in the absence of a higher financial proposal, Volante shareholders accept the increased offer for Volante shares from Commander...".

The offer -- which closes on 31 March -- comprises cash consideration of AU$1.05 per share together with a 10 cent special fully franked dividend. It values Volante at approximately AU$147.7 million. Commander's initial offer in December of AU$1.01 per share valued the company at around AU$130 million.

The companies said their combination "will form a much stronger Australian IT and services group with annual revenue of over AU$1 billion and will be accretive to Commander's financial performance".

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