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 announced plans to merge in recent months, 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 (see October 7 story).
In a degree released December 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 (see December 11 story).
Then, on December 22, the Classic Fund Management filed an appeal with the Justice Commission of the Jug superior court, which, in turn, delayed the merger again, according to a statement released by Esec today (December 30, 2003). The court will make a final decision within the first six months of 2004, according to Esec, a supplier of wire bonders.