CHAM, Switzerland The pending merger between chip equipment makers Esec Holding SA and Unaxis Holding AG has been delayed by up to six months after a management fund moved to appeal the plan.
Esec and Unaxis recently announced plans to merge, but the Classic Fund Management AG has repeatedly attempted to block the shotgun marriage between the two companies.
The Classic Fund Management filed a suit to block the merger, which delayed the marriage back in October.
In a ruling released on Dec. 9, the Zug Cantonal Court rejected Classic Fund Management's complaint. The court also said that the management fund must pay legal fees to Esec.
On Dec. 22, the Classic Fund Management filed an appeal which further delayed the merger, according to a statement released by Esec on Tuesday (Dec. 30). The court will make a final decision within the first six months of 2004, according to Esec, a supplier of wire bonders.