The head of 26 U.S.-listed capital acquisition companies, Adder, said he was “disappointed” by the court’s ruling on a merger deal involving the U.S. listing of Okada Manila Casino Resort operator (file photo) in the Philippine capital.
A Delaware state court ruled last Thursday that Universal Entertainment, the parent company of Okada Manila, did not need to complete the merger. According to the court ruling seen by GGRAsia, the judge said “multiple factors have consequences.”
The judge said 26 Capital, a special purpose corporation (SPAC) listed on the Nasdaq stock market in the U.S., still has the right to claim damages. He added that the document will resolve the issue later.
In February, 26 Capital filed a lawsuit against Tiger Resort, Leisure and Entertainment Inc., Okada Manila’s promoter, and other Universal Entertainment subsidiaries urging the two sides to implement the previously announced merger as soon as possible.
26 Capital Corp. acknowledged in a statement Friday that a Delaware court has refused to enforce the proposed merger.
“We are disappointed with the court’s ruling because the proposed merger benefits all parties, but we remain committed to boosting shareholder value and will continue to explore all available strategic options,” said Mr. Adder, president and chief executive of 26 Capital.
26 Capital said the court would seek compensation “with the door open” to allow the company to claim damages.
On Friday, Universal Entertainment said it expects 26 Capital to appeal its ruling on the merger topic.
BY: 안전놀이터 추천