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BERMUDA - The court sanction hearing for the proposed all-share combination between Hansa Investment Company Limited and Ocean Wilsons Holdings Limited has been adjourned until October 30-31, 2025, according to a statement released Tuesday.
The adjournment comes after Arnhold LLC notified Ocean Wilsons of its intention to object to the sanctioning of the scheme. The Court ordered the delay to give Arnhold additional time to present its objection, following an exchange of evidence between Ocean Wilsons and Arnhold.
The Ocean Wilsons Independent Committee stated it "does not see any merit in the objections" raised by Arnhold and "remains confident in the prospects of the Scheme being sanctioned," according to the press release.
The recommended all-share combination, first announced on July 28, 2025, would see Hansa acquire the entire issued and to be issued share capital of Ocean Wilsons through a court-sanctioned scheme of arrangement under Bermuda law.
Both companies had previously secured shareholder approval for the transaction, with Ocean Wilsons shareholders voting in favor at a Court Meeting on September 12, and Hansa shareholders approving necessary resolutions at a General Meeting held the same day.
The transaction, which is not subject to the UK City Code on Takeovers and Mergers, will now have its court sanction hearing commence on October 30, 2025, with the effective date of the scheme expected two business days after the hearing concludes.
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