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38bank holidays in The Netherlands, Mr Stumphius would be unlikely to have forgottenthem).It could also not be reconciled with the computation of the 20 Business Days putforward by Valvision.The arbitrators are therefore at a loss to understand what Mr. Stumphius mighthave meant or how he made this calculation.The Arbitral Tribunal will therefore not give consideration to this letter, whichdoes not support either position.6. Conclusion72. Based on the above considerations, the Arbitral Tribunal is of the opinionthat Saturdays were not included in the Business Days as defined in the GeneralAgreement.Consequently, the pre-emption rights were exercised on time by the Core MinorityShareholders, i.e., within the deadline provided for in the General Agreement.P. COLLUSION73. Valvision has argued that Vision N.V. and Vision B.V. colluded with theCore Minority Shareholders to share the additional profit obtained by the CoreMinority Shareholders from the resale of the shares to Mediareseaux and hasdevoted considerable length of memoranda and pleading time to the variouscontacts that had occurred between IntercommHolding, the Core MinorityShareholders and Vision N.V. and Vision B.V. around the time the SPA wassigned.Valvision has however failed to put forward sufficient evidence as to the existenceof any sort of payment or so called "kickback" that would have been paidby the Core Minority Shareholders or would otherwise have benefited to VisionN.V. or Vision B.V.. The existence of a "kickback" has been denied by thecounsel for Vision N.V. and Vision B.V. as well as by Mr. Van der Hoeven in histestimony (R.23).The Arbitral Tribunal dismisses this allegation in the absence of evidence thatVision N.V. or Vision B.V. would have benefited from the higher purchase pricethat the Core Minority Shareholders were able to obtain from UPC.pNtMERCE INTNTj0A02338488/0.31/16 Oct 2002U COUR INTERNATIONALE D'ARBITRAGEtrINTERNATIONAL COURT OF ARBITRATION QV/41-, O0` 00CHAMBER