26 Capital Acquisition in a preliminary proxy asks shareholders to approve a merger deadline extension from from Jan. 20 to Oct. 20, 2023. The SPAC’s proposed acquisition of Phillipines resort and casino Okada Manila has been put on hold for a year while an internal power struggle at the organization plays out.
It’s been nearly a year since the SPAC and Okada Manila, the world’s only Japanese-owned integrated resort, announced merger plans in a deal valuing the casino operator at $2.6 billion. The transaction has been hamstrung by namesake founder Kazuo Okada’s often forceful efforts to reclaim his spot at the company, including a brief physical takeover of the hotel earlier this year.
26 Capital in a regulatory filing last month expanded its previous agreement with Okada Manila operator Tiger Resort Asia to “irrevocably waive” rights by either side to terminate the merger deal. Read more.
