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BERMUDA - The court sanction hearing for the recommended all-share combination between Ocean Wilsons Holdings Limited and Hansa Investment Company Limited has been extended to November 3 due to reduced court time caused by Hurricane Melissa, according to a statement released Friday.
The hearing, which began Thursday, is a critical step in the merger process that would see Hansa acquire the entire issued and to be issued share capital of Ocean Wilsons. The combination is being implemented through a court-sanctioned scheme of arrangement under Bermudian law.
Ocean Wilsons shareholders had previously approved the scheme at a Court Meeting held on September 12. However, the original court sanction hearing was adjourned on September 23 to allow additional time for Arnhold LLC to present its objection to the court.
The companies announced the terms of their recommended all-share combination on July 28, with Ocean Wilsons publishing a scheme document on August 14 detailing the arrangement.
The previously announced timetable for the merger is no longer applicable due to the extension of the court proceedings. Ocean Wilsons indicated it will make further announcements regarding the revised timetable in due course.
The combination is not subject to the UK City Code on Takeovers and Mergers as Ocean Wilsons is incorporated in Bermuda, though the companies have agreed to certain matters regarding the application of the code to the transaction.
Peel Hunt LLP is serving as financial adviser and broker to Ocean Wilsons in connection with the combination, according to the press release statement.
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