The Philippines' largest casino, owned by an affiliate of Japan's Universal Entertainment Corp, does not have to complete a SPAC merger deal with 26 Capital Acquisition Corp of the U.S., a Delaware judge ruled on Thursday. Vice Chancellor Travis Laster said the affiliate that owned Okada Manila did not have to complete the $2.5 billion deal 2021 merger in part because 26 Capital "engaged in conduct that should not be rewarded" by ordering the deal to close. Laster said 26 Capital could still seek damages, which he would address at a later date.
WILMINGTON, Del. (Reuters) -The Philippines' largest casino, owned by an affiliate of Japan's Universal Entertainment Corp, does not have to complete a SPAC merger deal with 26 Capital Acquisition Corp of the U.S., a Delaware judge ruled on Thursday. Vice Chancellor Travis Laster said the affiliate that owned Okada Manila did not have to complete the $2.5 billion deal 2021 merger in part because 26 Capital "engaged in conduct that should not be rewarded" by ordering the deal to close. Laster said 26 Capital could still seek damages, which he would address at a later date.
A Delaware judge ruled on Thursday that an affiliate of Japan's Universal Entertainment Corp does not have to complete a SPAC merger deal with 26 Capital Acquisition Corp that related to the largest casino in the Philippines. Vice Chancellor Travis Laster said the Universal Entertainment affiliate did not have to complete the 2021 merger agreement in part because 26 Capital Acquisition "engaged in conduct that should not be rewarded" by ordering the deal to close. Laster said 26 Capital could still seek damages, which he would address at a later date.