SPAC 26 Capital Acquisition up on $2.5 bln merger with casino resort Okada

26 Capital Acquisition

15/10/2021 12:58

** Shares of blank-check firm  ADER.O  up 0.7% at $9.85
premarket
    ** Co to merge with Philippines-based casino resort Okada
Manila in a $2.5 bln deal  urn:newsml:reuters.com:*:nL4N2RB2MF
    ** After merger, Okada says it will list its American
Depository Receipts (ADRs) on the Nasdaq
    ** Okada's parent company, Universal Entertainment Corp
 6425.T , will own 88% of the merged entity - cos
    ** Deal expected to close in first half of 2022
    ** Blank-check firm is led by Jason Ader, co-founder of New
York-based SpringOwl Asset Management 
    ** SPAC raised $275 mln in its IPO in January

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))