Volante has called on the regulator to order Commander to "correct" alleged deficiencies in its bidder's statement and force it to undertake "corrective advertising".
The alleged inaccuracies in the bidder's statement relate to compound annual growth rate numbers and earnings.
Volante also requested Commander give it and the panel the revised bidder's statement before being sent to Volante shareholders.
The panel said it had not decided whether to conduct proceedings in relation to the application and makes no comment on the merits of the application.
The panel said it had sought and received an undertaking from Commander that it would not dispatch its statement without prior consent.
The Volante board is expected to provide further advice to shareholders on the bid this week.
