US judge says Universal Entertainment does not have to close SPAC deal

26 Capital Acquisition

07/09/2023 20:24

WILMINGTON, Del., Sept 7 (Reuters) - A Delaware judge
ruled on Thursday that an affiliate of Japan's Universal
Entertainment Corp  6425.T  does not have to complete a SPAC
merger deal with 26 Capital Acquisition Corp that related to the
largest casino in the Philippines.
    Vice Chancellor Travis Laster said the Universal
Entertainment affiliate did not have to complete the 2021 merger
agreement in part because 26 Capital Acquisition "engaged in
conduct that should not be rewarded" by ordering the deal to
close. Laster said 26 Capital could still seek damages, which he
would address at a later date.

 (Reporting by Tom Hals in Wilmington, Delaware; additional
reporting by Jonathan Stempel; Editing by Leslie Adler)
 ((thomas.hals@thomsonreuters.com; +1 610 544 2712; Reuters
Messaging: thomas.hals.thomsonreuters.com@reuters.net))