Extending its offer period till April 12th, Commander Corporation has gained control of its takeover target Volante.
A filing to the ASX revels that Commander now owns 54.91 per cent of Volante Group Limited which it has acquired primarily since the Volante board relinquished its fight and told shareholders to sell up their holdings to the unwelcome suitor.
Volante shareholders now have another two weeks to signal their willingness to sell down their holding.
Commander got off to a slow start acquiring only 0.07 per cent of Volante shares by the 9th of January after launching its bid for Volante in late December 2005.
However, once it went back to the Volante Board with a slightly improved offer for the company, a large number of shareholders have accepted the board’s advice.
However, with still more than 40 per cent of the business still in the hands of independent shareholders, Commander will have to find a way to convince more stockholders to hand over their shares before itcan move to acquire the company outright.