Okada Manila Wins Legal Battle, Court Approves Termination of SPAC Deal
Universal Entertainment Inc. and its affiliates with ties to the Okada Manila integrated scored a legal victory Thursday when a judge in the Delaware Court of Chancery ruled the gaming entity doesn’t need to move forward with a reverse merger proposed by Jason Ader’s 26 Capital Acquisition Corp. The following month, Universal Entertainment said it wanted to halt the deal, filing a countersuit to that effect. Citing “material breaches of the merger agreement and fraudulent conduct by 26 Capital”, Universal Entertainment released a regulatory filing on June 30 highlighting plans to scrap the deal.
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