Proposed SPAC partner 26 Capital files lawsuit against Okada Manila entities for failure to promptly act on merger

The US-based Special Purpose Acquisition Company (SPAC) that has been planning a merger with the operating entities of Philippines integrated resort Okada Manila has filed a lawsuit against those entities claiming they have breached their obligations under their original merger agreement. According to details posted by Japan’s Universal Entertainment Corp – the ultimate parent company of Okada Manila – on Tuesday, SPAC firm 26 Capital Acquisition Corp filed the lawsuit in the Delaware Court of Chancery on 2 February against Universal subsidiaries Tiger Resort Asia Ltd (TRAL), Tiger Resort, Leisure and Entertainment Ltd (TRLEI), UE Resorts International Inc (UERI) and Project Tiger Merger Sub Inc. The lawsuit alleges the entities breached the obligation to consummate the merger promptly under the original merger agreement and calls on the court to order such consummation to take place promptly. Universal said it plans to scrutinize the details of the suit and “properly deal with it”. Implementation of the