26 Capital Acquisition called a June 28 meeting for shareholders to vote on the proposed merger with UE Resorts International, the holding company of Okada Manila, one of the premier casino resorts in Asia and the largest integrated resort in the Philippines. The deal is valued at $2.6 billion.
26 Capital announced a record date of June 3 for shareholders eligible to vote, noting that the F-4 registration statement on the deal has been declared effective by the SEC.
The transaction is expected to provide the company with up to $275 million in cash from the SPAC’s trust. If approved, Okada Manila will list on the Nasdaq through an American Depository Receipt program.
Universal Entertainment will roll 100% of its equity in the transaction and is expected to own approximately 88% of the combined company at closing, assuming no redemptions by 26 Capital shareholders. This is subject to dilution if further capital is raised as part of the transaction before closing.
Okada Manila is the only Japanese owned and operated casino in the world. Read more.
