A Delaware judge ruled on Thursday that an affiliate of Japan’s Universal Entertainment Corp does not have to complete a special purpose acquisition company merger deal with 26 Capital Acquisition Corp that related to Okada Manila, the largest casino in the Philippines, a Reuters report said.
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, however, that 26 Capital could still seek damages, which he would address at a later date.
The court cases filed in recent months are apparently related to the plan of Universal Entertainment, operator of Okada Manila, to list on the NASDAQ.
