Brief: Okada Manila To Go Public In The U.S. Via $2.5 Bln SPAC Deal With 26 Capital Acquisition Corp

26 Capital Acquisition

15/10/2021 13:17

Oct 15 (Reuters) - 26 Capital Acquisition Corp  ADER.O :
    * PRESS RELEASE - OKADA MANILA, OWNER OF THE LEADING
INTEGRATED
GAMING RESORT IN THE PHILIPPINES, AND 26 CAPITAL ACQUISITION
CORP. (NASDAQ: ADER), ANNOUNCE PLANS TO MERGE, RESULTING IN
OKADA MANILA BECOMING A PUBLICLY TRADED COMPANY
    * 26 CAPITAL ACQUISITION CORP - TRANSACTION VALUES OKADA
MANILA AT
AN ENTERPRISE VALUE OF $2.6 BILLION AND AN EQUITY VALUE OF $2.5
BILLION
    * 26 CAPITAL ACQUISITION CORP - UNIVERSAL ENTERTAINMENT,
PARENT
COMPANY OF OKADA MANILA, IS ROLLING 100% OF ITS EQUITY IN
COMPANY
    * 26 CAPITAL ACQUISITION CORP - UPON CLOSING OF TRANSACTION,
PUBLICLY TRADED CO WILL HAVE ITS COMMON STOCK LISTED ON NASDAQ
THROUGH AN ADR PROGRAM.
    * 26 CAPITAL ACQUISITION CORP - CO TO PROVIDE UP TO $275M OF
CASH
TO BUSINESS
    * 26 CAPITAL ACQUISITION CORP -  FOLLOWING CLOSING, OKADA
MANILA
WILL CONTINUE TO BE LED BY PRESIDENT BYRON YIP, CFO HANS VAN DER
SANDE
    * 26 CAPITAL ACQUISITION CORP -  UNIVERSAL ENTERTAINMENT
WILL
RETAIN ALL OF ITS CURRENT HOLDINGS IN OKADA MANILA IN NEWLY
PUBLICLY TRADED CO
    * 26 CAPITAL ACQUISITION CORP -  UNIVERSAL ENTERTAINMENT
EXPECTED
TO OWN ABOUT 88% OF COMBINED COMPANY AT CLOSING

Source text for Eikon:  ID:nPn8qkzSTa 
Further company coverage:  ADER.O 

 ((Reuters.Briefs@thomsonreuters.com;))