Volante board accepts Commander offer

Volante directors have unanimously recommended shareholders accept an increased offer from Commander, bringing an almost certain end to the long-running war of words between the two companies.

Commander upped the offer to $1.05 per Volante share with a 10 cent fully franked dividend which valued Volante at about $147.7 million.

The combined companies would have annual revenue of over $1 billion.

Ian Penman, managing director at Volante, said in a statement that it was in the best interests of Volante and its shareholders that the transaction is concluded “promptly and efficiently”.

“Our common objective now is to complete the transaction as soon as possible. The Volante board’s recommendation is directed at bringing the transaction to a successful conclusion to minimise disruption to the company’s operations.”

In a statement, Commander managing director Adrian Coote, said: “It is important now for the shareholders of both companies and indeed for Volante’s customers that implementation of this transaction occur as soon as possible.”