Appeal against ruling of Commercial Court, Zurich in favour of ARYZTA AG.
Zürich / Switzerland, 3 June 2011.
Peter J. Lehner & Partner AG (‘Lehner’) has appealed to the Swiss Federal Court (Schweizerisches Bundesgericht) the judgment of the Commercial Court of the Canton of Zurich (Handelsgericht des Kantons Zürich) in favour of ARYZTA AG (‘ARYZTA’) dismissing Lehner’s claim.
Lehner (a former Hiestand shareholder) took a legal action against ARYZTA asserting, in essence, entitlement under the Hiestand Holding AG (‘Hiestand’) and IAWS Group plc (‘IAWS’) August 2008 merger, to a price for its Hiestand shares equal to the price IAWS paid Lion Capital for its former Hiestand shares under their contract.
ARYZTA has consistently maintained that the claim was without merit and will vigorously defend the appeal.
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