Okada Manila Seeks to End Merger, Cites SPAC Fraud

Okada Manila's parent company is pursuing termination of its merger deal for a U.S. stock listing, accusing its SPAC partner, 26 Capital Acquisition Corp., of fraud and violations of U.S. securities laws. The company claims breaches of fiduciary duty and misconduct during the deal process. Legal proceedings are underway as the casino giant seeks to exit the troubled agreement.

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UEC Seeks Relief Over Capital 26’s Fraud & Breach

The UEC Parties allege Capital 26 committed material breaches of the merger agreement and engaged in fraudulent conduct, including unauthorized disclosures and deceptive actions. They seek termination of the agreement, declaratory relief, and damages for losses, fees, and expenses tied to the misconduct.

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Okada Manila Challenges SPAC Merger, Alleges Fraud by Ader

Okada Manila's operating entities, including Tiger Resort Asia Ltd and other affiliates, have filed counterclaims against SPAC firm 26 Capital Acquisition Corp and its founder, Jason Ader, seeking to terminate their merger agreement intended to list Okada Manila on NASDAQ. The UEC Parties allege that Ader engaged in fraudulent behavior, violated US securities laws, and breached the merger agreement.

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Okada Manila Entities Sue to Cancel 26 Capital Merger

The operating entities behind Okada Manila have filed counterclaims against U.S.-based SPAC 26 Capital Acquisition Corp, aiming to terminate a prior merger deal intended to list the resort on NASDAQ. The legal move marks a major turn in the halted \$2.5B merger, raising questions about the deal's future and corporate governance at the high-profile Philippine resort.

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Ader, Takeuchi Tied to Info Leak Amid Okada Merger Delay

As the Okada-led occupation stalls the merger, UEC alleges Jason Ader used confidential info from disloyal director Toji Takeuchi to influence talks. Ader reportedly met with UEC directors in Japan, armed with privileged data, raising concerns over ethical violations. The investigation into the incident continues.

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