• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Monday 7 July 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Okada Manila entities officially terminate merger and US listing agreement with Jason Ader’s 26 Capital

Ben Blaschke by Ben Blaschke
Sat 1 Jul 2023 at 13:01
Kazuo Okada group says “business as usual” at Okada Manila, denies takeover was forceful

Okada Manila

71
SHARES
1.8k
VIEWS
Print Friendly, PDF & Email

Japan’s Universal Entertainment Corp announced Friday that a group of subsidiaries associated with its Philippines integrated resort Okada Manila have officially terminated a previously planned merger agreement with US-based SPAC firm 26 Capital Acquisition Corp that would have seen the joint venture company listed on the NASDAQ.

They also confirmed plans to pursue previously lodged counterclaims against 26 Capital and its founder, Jason Ader.

In a filing, Universal listed the date of termination of the merger agreement as Friday 30 June 2023, citing “various material breaches of the merger agreement and fraudulent conduct by 26 Capital … that were discovered in the litigation process.”

Universal first filed counterclaims in March in response to a lawsuit by 26 Capital and Ader in early February alleging the Okada Manila entities 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.

In Friday’s termination notice, Universal said it has since learned of an unrelated lawsuit filed against Ader and others in a US court by investment firm Rimu Capital Ltd “for the cancellation of US$25 million worth of 26 Capital stock transactions by Rimu Capital, fraud and violations of the Investment Advisors Act, etc.”

As a result, the Okada Manila entities “resolved to call off the listing … on the NASDAQ market in the US with 26 Capital as a partner … and to issue a notice of termination of the merger agreement.”

In their original counterclaims filed in March, the Okada Manila entities – comprising Tiger Resort Asia Ltd (TRA), Tiger Resort, Leisure and Entertainment, Inc (TRLEI), UE Resorts International Inc and Project Tiger Merger Sub Inc – allege that 26 Capital and Ader have embarked on a “concerted and increasingly erratic campaign … to pursue closing at all costs in pursuit of a windfall.”

They also allege that Ader made misleading public statements aimed at easing investor concerns and without receiving permission from the Universal and the Okada entities to do so. Ader, the entities add, failed to disclose to his investors of “material developments in the Philippines” after the former chairman of UEC, Kazuo Okada, forcibly took control of Okada Manila for a three-month period in mid-2022.

Universal and its subsidiaries are seeking damages for all costs, expenses, fees and any other losses emanating from the merger agreement.

RelatedPosts

DigiPlus launches US$106 million share buyback scheme

DigiPlus launches US$106 million share buyback scheme

Mon 7 Jul 2025 at 10:17
Philippine resort NUSTAR enters strategic partnership with airport hospitality provider Plaza Premium Group

Philippine resort NUSTAR enters strategic partnership with airport hospitality provider Plaza Premium Group

Sun 6 Jul 2025 at 09:11
Winds of change

As Philippine lawmakers push to crack down on the online gaming sector, PAGCOR promises to impose “any and all” regulations signed into law

Sat 5 Jul 2025 at 08:16
Light & Wonder’s Ken Jolly discusses founder exhibitor status at 2025 IAG EXPO 9 and 10 Sep 2025

Light & Wonder’s Ken Jolly discusses founder exhibitor status at 2025 IAG EXPO 9 and 10 Sep 2025

Thu 3 Jul 2025 at 13:57
Load More
Tags: 26 CapitalJason AderLawsuitNASDAQNorth AmericaOkada ManilaPhilippinesUniversal Entertainment Corp
Share28Share5
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

DigiPlus launches US$106 million share buyback scheme

DigiPlus launches US$106 million share buyback scheme

by Newsdesk
Mon 7 Jul 2025 at 10:17

Philippine gaming technology firm DigiPlus Interactive Corp has announced the launch of a Php6 billion (US$106 million) share buyback scheme that it says highlights the company’s confidence in its long-term growth prospects. Notably, the announcement comes just days after company...

Star to open AU$3.6 billion Queen’s Wharf Brisbane development on 29 August

Star’s Hong Kong partners offer one month reprieve to complete Queen’s Wharf Brisbane deal

by Ben Blaschke
Mon 7 Jul 2025 at 08:55

A deal to offload its 50% stake in the AU$3.6 billion (US$2.4 billion) The Star Brisbane integrated resort at Queen’s Wharf is still on the table for Star Entertainment Group after revealing Monday that its Hong Kong partners have granted...

Inside Thai IRs

Thai government may formally withdraw casino bill from House agenda citing need for new cabinet to review

by Newsdesk
Mon 7 Jul 2025 at 05:20

The Thai government will consider formally withdrawing its controversial Entertainment Complex Bill from the House agenda this week in order to allow a thorough review by the newly appointed cabinet, said Deputy Finance Minister Julapun Amornvivat. The bill could be...

JP Morgan analysis says Bangkok IRs could generate combined US$5 billion annually

Thai authorities arrest 70 in bust of illegal Bangkok gambling den

by Newsdesk
Sun 6 Jul 2025 at 14:41

With the prospect of legal casinos in Thailand looking more remote by the day, authorities have arrested more than 70 people after busting an illegal gambling den in the Phahon Yothin area of Bangkok. According to The Bangkok Post, the...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English