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BERMUDA - Ocean Wilsons Holdings Limited announced Friday that Arnhold LLC intends to object to the company’s proposed merger with Hansa Investment Company Limited at an upcoming court hearing, despite shareholders having already approved the transaction.
The Court Sanction Hearing, scheduled for September 22, represents one of the final steps in the recommended all-share combination between the two companies. According to the announcement, Arnhold has requested a four-week adjournment to prepare its grounds for objection.
Ocean Wilsons’ Independent Committee stated it had "engaged constructively with Arnhold over several months" regarding concerns about the merger, but found "no substantive basis" for delaying the hearing. The committee indicated it sees "no reason why the Court Sanction Hearing should be delayed to the detriment of Scheme Shareholders."
The merger had received strong support at the Court Meeting held on September 12, where the "requisite majority of Scheme Shareholders voted to approve the Scheme," according to the company statement.
Under the terms of the proposed combination, announced on July 28, Hansa would acquire the entire issued and to-be-issued share capital of Ocean Wilsons through a court-sanctioned scheme of arrangement under Bermuda law.
Ocean Wilsons indicated it will make further announcements following the Court Sanction Hearing on September 22.
The company noted that while it is incorporated in Bermuda and not subject to the UK Takeover Code, it has agreed with Hansa on certain matters regarding the application of the code to the combination.
The information in this article is based on a press release statement from Ocean Wilsons Holdings Limited.
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