Three ASX announcements, including a supplementary Target's Statement, have basically amounted to a restatement of Volante's (ASX:VGL) existing position in relation to its financial standing and its response to Commander's (ASX:CDR) hostile take-over bid.

Three things that are now crystal clear are that Commander has failed in its bid to get the Takeover Panel to force Volante to reveal further information about its business contracts to the market; Volante continues to play hard ball on Commander's $1.01 per share take-over offer; and basically no additional information has been revealed in Volante's supplementary Target's Statement.

That nothing has changed is reflected in the current share price of VGL stock which remains trapped around the $1.08 per share mark, well short of the "independent expert" valuation of $1.27 to $1.44. A telling factor, which is perhaps why Commander is sticking to its guns and refusing to budge on its offer, is that no other potential buyer has as yet surfaced to signal its intention to get into the ball game. This is despite the fact that Volante has some very lucrative long term services contracts sewn up with major clients in the Government sector.

That no other bidders have surfaced would seem to indicate that Commander's offer is about as good as it is going to get for Volante at this stage. It also suggests that the market is unsure about Volante's overall business strategy and persistent rumours alleging declining health of the company's products business.

Meanwhile, Volante is touting the failure of Commander to force it to disclose more about its business contracts as a win.

Volante managing director and CEO, Ian Penman, said “Shareholders should note that nothing in the Supplementary Target’s Statement changes the Directors’ Forecasts or the strong recommendation of the Board that shareholders reject Commander’s offer of $1.01 per share."

For its part, Commander is keeping its mouth shut about the Volante bid, although a source close Commander told iTWire: "We actually don't view this as a hostile take-over bid. It's just a fair offer to buy the company."