Scanfil and Ojala sue over failed merger

Scanil and it's owner, Sievi Captil, said the action was because Ojala decided not to execute a merger agreed between Ojala and Scanfil EMS Oy in November 2010. In connection with the arbitration proceedings, Ojala has filed its response and the related counterclaim for a compensation of two million (2,000,000) euro and claim for both legal and the court of arbitration's expenses and fees. The original merger was announced on November 1 2010, however it was later revealed that the Board of Ojala-Yhtymä Oy was unsatisfied with the signed merger agreement. The General Meeting of Ojala-Yhtymä Oy decided not to execute the merger in March 2011. ”Sievi Capital plc and Scanfil EMS Oy consider the counterclaim to be entirely unfounded. The merger was not executed due to Ojala's General Meeting deciding not to execute the merger of Scanfil EMS Oy and Ojala-Yhtymä Oy”, a statement by Sievi Capital said.