26 Capital expresses disappointment on Okada Manila merger ruling

Jason Ader, the CEO of 26 Capital Acquisition Corp, was dissatisfied with a court’s decision regarding the merger involving the operator of the Okada Manila casino resort in the Philippines.

A Delaware court recently ruled that Okada Manila’s parent company, Universal Entertainment Corp, was not required to conclude the merger. The judge cited numerous factors contributing to this outcome.

The judge affirmed that 26 Capital, a Nasdaq-listed special purpose acquisition company (SPAC), retained the right to pursue damages, which would be discussed at a later date.

26 Capital filed a lawsuit against Tiger Resort, Leisure and Entertainment Inc, the promoter of Okada Manila, and other Universal Entertainment subsidiaries in February. Their goal was to accelerate the previously disclosed merger between the two organizations.

Despite the Delaware Court of Chancery’s refusal to compel the merger’s completion, 26 Capital remains committed to maximizing shareholder value and investigating strategic alternatives.

In addition, 26 Capital intends to seek compensation, as the court has indicated that damages may be sought.

Universal Entertainment expects 26 Capital to appeal the merger decision.

Original story by: GGRAsia