Okada Manila SPAC Deal Nears Closure Amid Founder’s Coup Attempt
Despite a recent coup try past its father — ane some depict as wild — Okada capital of the Philippines is snug to finalizing a merger with Jason Ader’s special aim acquisition troupe (SPAC) 26 Capital (NASDAQ:ADER), scene the leg for a US listing.
The blank-check fellowship announced today that Universal Entertainment’s Form F-4 enrollment statement is at present good with the Securities and Exchange Commission (SEC). Universal Entertainment, the Nipponese pachinko giant that’s the parent fellowship of Okada Manila, is rolling 100 percent of the equity inward the casino operator, and Ader’s 26 Washington is providing upward to $275 million inward cash to the business.
The SPAC readiness today as the tape date, meaning shareholders as of today testament be eligible to voting on the proposed transaction at a meeting scheduled for June 25.
If the proposals at the Special Meeting are approved, the parties foreknow that the Business Combination testament come together shortly thereafter, content to the satisfaction of all other closing conditions,” according to a statement. “Upon closing, the combined keep company is expected to follow listed on Nasdaq with its common shares.”
The blank-check business deal values Okada Manila at $2.6 billion. The stock up testament craft below the stock ticker “UERI” upon closure of the transaction.
Interesting Timing to Say the Least
Noting that documentary of SPACs is to see mergers contact the goal line, the timing of 26 Capital confirming the aforementioned enrollment is relieve interesting, as it arrives just now deuce-ace years after billionaire Kazuo Okada’s attempt to physically seize hold of the Philippines structured resort comportment his name.
Tiger Resort, Leisure & Entertainment Inc. (TRLEI) — the parent troupe of Okada Manila — said that on May 31, 50 common soldier certificate guards and members of the Paranaque City Police attempted to prehend control of the integrated resort. It’s believed that the venue, including the gambling casino and hotel, are functioning as normal.
Subsequently, the Philippines gambling casino regulator PAGCOR (Philippine Amusement and Gaming Corporation) said it’s non getting mired in the matter.
Okada believes he was unfairly ousted from the TRLEI get on inward 2017, and is seen as leveraging an Apr ruling past the Philippine Islands Supreme Court order the companionship to issue the plank to its 2017 land to move the takeover of Okada Manila.
Okada Manila Bringing Bob Hope to Gaming SPACs
Following a serial of ill-fated gaming blank-check transactions inwards 2020 and 2021, Okada Manila could take a breath unexampled lifetime into gaming SPACs.
Okada capital of the Philippines makes for a unique publicly traded gaming troupe — by SPAC or otherwise — simply because it’s a one-property entity. However, the locus is profitable, and its first-quarter revenue surged to a greater extent than 30%.
The gaming fellowship could also follow a viable candidate for expansion. Ader, who also runs investment funds business firm SpringOwl Asset Management, previously said the operator could eventually judge opportunities inward Japan, depending upon how integrated holiday resort policy inwards that rural area plays out.
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