“My reaction [to the takeover] is that it’s totally illegal, and I believe Universal will be back in control of the property soon.”<\/strong><\/p>\n<\/blockquote>\nAder added that the disorder is not over ownership. The former gaming analyst turned investor said Universal owns Okada Manila, and Universal’s largest shareholder is Takako Okada, who “is totally against his father’s actions.”<\/p>\n
Ader Unfazed<\/b><\/h2>\n
Ader said the Kazuo Okada offensive overshadows what would otherwise be a momentous event for the Filipino people.<\/p>\n
“The listing of this company will create the largest publicly traded Philippine company on Nasdaq,” Ader explained. “This is a gigantic event for the Philippines. We’re not going to let Kazuo Okada try and disrupt it.”<\/p>\n
Ader’s 26 Capital blank-check deal values the Okada Manila business at $2.6 billion. Okada Manila stock will trade on the Nasdaq under the ticket “UERI,” for Universal Entertainment Resorts International, if the SPAC merger is completed.<\/strong><\/p>\nThough Ader believes Kazuo has no rightful ownership claim to Okada Manila, the billionaire disagrees. In a statement issued today, June 9, the Kazuo group claims its actions were warranted.<\/p>\n
“Bottom line, there was nothing illegal,” a release from the TRLEI official website on Okada Manila letterhead read. “Resort to force was reasonable and minimal.<\/p>\n
“Okada Manila, under the able leadership of Mr. Kazuo Okada, whom employees fondly call ‘Daddy O,’ is poised to seize the opportunity for business growth,” the Kazuo release concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"
Jason Ader of SpringOwl Asset Management has been caught in the middle of a hostile takeover of Okada Manila, the $2.6 billion integrated casino resort that his special purpose acquisition company (SPAC) 26 Capital is to merge with soon. 26 Capital is providing Okada Manila with up to $275 million in cash to join forces. […]<\/p>\n","protected":false},"author":25,"featured_media":216689,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,21],"tags":[],"acf":[],"yoast_head":"\n
Jason Ader Discusses Okada Manila Takeover, Planned SPAC Merger<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n