Tue, 10 Oct 2017
DENMARK - Danish Crown AmbA and Tican amba have today received the award in the arbitration case to decide whether Tican was entitled to compensation of DKK 20 million following the cancelled merger between Danish Crown and Tican. The arbitration tribunal found that Tican was not entitled to compensation.
"Throughout the entire process, both parties have maintained a good and civil tone, and loyally described the process in connection with the merger. We have now received the arbitration award, and both parties have to move on from here," says Erik Bredholt, Chairman of the Board, Danish Crown.
The two parties disagreed on whether the merger agreement expired, or whether Danish Crown cancelled the merger.
"It has been one of those cases which neither party really wanted to have to go through. On the other hand, it has been crucial for both parties to defend the interests of their respective owners, and therefore it was agreed early on in the merger negotiations that any disagreements should be decided by an arbitration tribunal," says Søren Overgaard, Chairman of the Board of Tican.
Danish Crown AmbA and Tican amba both consider the case to be finally concluded, and therefore neither party is going to comment further on the award.