Universal has agreed to merge Okada Manila with 26 Capital Acquisition Corp, a Nasdaq-listed blank check firm, for $2.5 billion and has extended its deadline for the merger to Sept.
Okada was also ousted from Universal's board in 2017. Tiger Resort, owned by Japan's Universal Entertainment Corp, said Okada Manila's growth was driven by a recovery plan developed by previous officials, and influenced by the pent-up demand for leisure activities. The ousted board reiterated on Monday that it was in fact 'a violent takeover'. Norman Golez, Okada's lawyer, told Monday's news conference the May 31 takeover was legal and peaceful. Tiger Resort's ousted board has sued Okada's group, accusing it of using 'brute force and intimidation' in a 'violent' takeover of the property, and has also appealed the court decision.
The move came after the Philippines' Supreme Court in April issued a 'status quo ante order', reinstating Okada, who had been ousted in 2017, as CEO of the casino-resort. Filipino associates of Japanese tycoon Kazuo Okada seized the $3.3 billion casino, which is owned by Tiger Resort, Leisure & Entertainment, ousting its previous management with the help of private security guards and local police.
