A US court has ruled that the operating entity of Philippines integrated resort Okada Manila will not be required to complete a previously planned SPAC merger with Jason Ader’s 26 Capital Acquisition Corp.
According to a report by Reuters, the ruling, delivered early Friday morning (Asia time), found that 26 Capital “engaged in conduct that should not be rewarded” in pushing for the merger to close. A follow-up trial has also been scheduled in relation to potential damages.
Ader filed his lawsuit against Okada Manila entities – namely Tiger Resort Asia Ltd (TRAL), Tiger Resort, Leisure and Entertainment Ltd (TRLEI), UE Resorts International Inc (UERI) and Project Tiger Merger Sub Inc – with the Delaware Court of Chancery in February alleging they had breached their obligations under the merger agreement to consummate the merger promptly. The lawsuit also called on the court to order the consummation to take place.
