TOMEI International's bid to take over Yanion International looked set to fall through last night after complications arose over extending the completion date. Tomei was planning to scoop up 51 per cent of Yanion in a $156.62 million deal proposed at a 32 per cent discount to the stock value on September 26. The deal involved a placing and subscription package to be approved by a special general meeting. After the adjournment of the meeting and the appointment of Somerley as the financial adviser to the independent shareholders, the stock exchange and Securities and Futures Commission sought a due period over which shareholders could consider the deal and the advice from the financial adviser. It is proposed that the adjourned special meeting be held at the end of the month, cutting across the originally agreed completion date of November 15. Tomei said on Tuesday it would not agree to an extension to its due completion date and the right to rescind the proposal on November 15 would be exercised. Yanion said it was reviewing its position and a circular setting out the situation was being sent to shareholders. Shareholders are being offered 41 cents a share and one cent a warrant, the same values proposed for the subscription and placement. The proposed share subscription will pay down $110 million of group debt. The statement said: ''The intention of the subscriber is that Yanion will concentrate on its existing businesses, namely, the development, manufacture and sale of cassette mechanical drives, high-precision metal and plastic components and the design of such components and moulds.'' Yanion's profit peaked at $39.4 million in 1991, the year the company went public. Last year, it suffered a 93.8 per cent slump in profit to $2.43 million. Tomei's shareholding relationship with Yanion dates to August 1991, when Tomei bought a 22 per cent interest in the company, which manufactures cassette mechanical drives. Yanion was listed in October 1991 through a public offering of 75 million new shares at $1 each. Following the listing, Tomei's interest in Yanion was diluted to 16.5 per cent, which was later sold down. Somerley was appointed in response to complaints contained in an open letter published by anonymous minority shareholders of Yanion. It was disclosed that funds being raised from the proposed new issue and placement of Yanion shares in the deal would partly be used to repay shareholders' loans owed by the company to its major shareholders.