Arnhold, the US value investor, is taking its fight against the merger of Ocean Wilsons (OCN) and Hansa Investment Company (HANA) to the court today. 

According to Ocean Wilsons, which last month rejected Arnhold’s criticisms that the transaction was “unfair” to its shareholders, the New York-based firm plans to appear at the court sanction hearing in Bermuda.

Ocean Wilsons said Arnhold had invited the investment company to agree to adjourn the hearing for around four weeks to give it time to prepare grounds for objection.

Having engaged with Arnhold again over its concerns, which it had previously described as “misleading”, Ocean Wilsons’ independent directors said no “substantive basis” for the delay had been provided and its legal counsel would argue the deal should be ratified without delay.

Hansa also stated its support for Ocean Wilsons’ position and reiterated its wish for the merger to proceed immediately.

On Friday 12 September 80.5% of shares voted at a court meeting approved merging the two companies which have similar investment portfolios both managed by Hanseatic Asset Management. Turnout of 73% meant that 58.8% of total shareholders voted for the merger with 14.2% opposed.