Takeover by Commoditel. Here's the announcement thanks to...

Takeover by Commoditel. Here's the announcement thanks to paschal:

RECOMMENDED TAKEOVER OFFER FOR SONNET CORPORATION LIMITED
CommodiTel Limited (ASX: CMO) (CommodiTel or CMO) is pleased to announce a friendly off-market takeover offer (Offer) for Sonnet Corporation Limited (ASX: SNN) (Sonnet or SNN).
The Offer will comprise the issue of 4.5 CommodiTel shares for every 1 Sonnet share, plus a total of $4.5 million for all Sonnet shares on issue as at the date the Offer closes (which is expected to be 193,555,555 shares). This implies a price of 14.025 cents per Sonnet share, based on the last traded price of CommodiTel shares on 24 April 2007 (being 2.6 cents). The last trading price of Sonnet shares on 24 April 2007 was 10 cents.
The Offer terms reflect a premium of approximately 29.08 % to the volume weighted average price for Sonnet shares in the 30 trading days prior to 26 April 2007 (based on the volume weighted average price of CMO shares during the same period).
The Offer is subject to a 90% minimum acceptance condition, no material adverse effect on SNN's prospects and other standard takeover conditions (as set out in the Annexure to this announcement).
Sonnet’s directors have unanimously recommended that Sonnet shareholders accept the CommodiTel offer in the absence of a superior offer and provided that there is no material adverse change in CMO's prospects.
Sonnet directors have also indicated that they intend to accept the CommodiTel offer with respect to their own shareholdings, in the absence of a superior offer or a material adverse change in CMO's prospects. At today's date, SNN Directors hold relevant interests in 22.76% of SNN's fully diluted share capital.
A separate offer (the Options Offer) will be made for the 9.5 million options outstanding over SNN shares, in respect of which CMO will offer comparable CMO options in exchange for SNN options. Details of the Options Offer will be set out in the Bidders' Statement.