Arnhold, the US fund manager opposed to the merger of Ocean Wilsons (OCN) with Hansa Investment Company (HANA), has been granted time by a court in Bermuda to prepare its objection. 

A court hearing in Bermuda yesterday accepted the New York firm’s request for four weeks to prepare its case against the merger of the two global funds and shares portfolios run by Hanseatic Asset Management. 

The court adjourned the hearing to approve the proposed transaction to 30 and 31 October to allow Arnhold and Ocean Wilsons to submit their evidence.

“The Ocean Wilsons Independent Committee does not see any merit in the objections to the scheme raised by Arnhold to date, remains confident in the prospects of the scheme being sanctioned by the court and will continue to work towards completion of the combination as expeditiously as possible for the benefit of Oceans Wilsons shareholders,” the company said.

London-listed shares in Bermuda-domiciled Ocean Wilsons were unchanged at £11.80 and Hansa’s non-voting ‘A’-shares dipped 0.7% to 266p.

Arnhold published an open letter on 25 August claiming the terms of the all-share offer were “unfair” because they ignored the fact that 58% of Ocean Wilsons’ assets were in cash following the sale of its holding in Brazil port operator Wilson Sons. 

Ocean Wilsons dismissed Arnhold’s claims as “misleading”.