26 Capital voices disappointment at court ruling on cancelled Okada Manila merger

26 Capital intends to seek compensation.

The Philippines.- Jason Ader, head of United States-listed 26 Capital Acquisition Corp, has expressed disappointment at the ruling that Universal Entertainment’s Okada Manila is not obliged to go ahead with its SPAC merger agreement with the company. He says the merger would have been beneficial to all parties involved. 

According to Reuters, vice-chancellor Travis Laster’s decision issued on Thursday (September 7), determined that 26 Capital “engaged in conduct that should not be rewarded”.

26 Capital has said that it intends to seek compensation, noting that the court had left room for the company to seek damages. Universal Entertainment issued a statement anticipating that 26 Capital may appeal the ruling.