Commander Communications is considered well and truly in play even though Optus recently walked away from negotiations with key Commander shareholder Allco Finance.
While Optus has decided to focus instead on competing with Telstra in a bidding war for the Australian arm of former Ericsson subsidiary Damovo, there's talk that Commander's other key shareholder, Babcock & Brown, has had a change of heart and would be prepared to sell.
Telstra is being advised by Citigroup on its bid for Damovo, while Macquarie Bank is said to be advising the vendors.
Back in 2001 Ericsson sold 80 per cent of Ericsson Corporate Networks to venture capitalists Apax Partner Fund, which renamed the unit Damovo. Later that year, Telstra sold its $100 million system maintenance business to Damovo.
The price now being mooted for the Australian arm of Damovo is also about $100 million, but there are arguments that this is too high.
Optus is said to have been keener on looking over Damovo than buying Allco's stake in Commander only to face a battle with Babcock & Brown for control. But if Babcock & Brown has had a change of heart and is willing to sell at Commander's closing price yesterday of $1.40 - as some suggest - then perhaps Optus can be enticed back.
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