Universal Entertainment Corp. to appeal U.S. court's 26 Capital decision.

Janak9955

Japan's Universal Entertainment Corporation has announced its intention to appeal a U.S. court ruling regarding the 26 Capital merger case. Previously, the Delaware court ruled against 26 Capital, alleging improper conduct in advancing the merger process with Universal Entertainment's subsidiary, Okada Manila, and refused to enforce the merger. However, the court will retain jurisdiction over specific damages related to the breach of contract.

Universal Entertainment stated in its announcement that it would continue to defend the legitimacy of its litigation requests, whether during the damages hearing or on appeal. The court's favorable ruling was primarily based on the complexity of completing the merger and factors such as 26 Capital's alleged unfair conduct.

In October 2021, the 26 Capital and Okada Manila merger was first announced, initially intended to facilitate Okada Manila's business expansion through a U.S. listing. However, due to the court's ruling and the parties' inability to reach an agreement, the merger plan is currently stalled.

Universal Entertainment's decision to appeal demonstrates its ongoing desire to complete the merger. However, considering that legal proceedings often have extended timelines, there remains uncertainty about whether the merger will ultimately proceed. This also may have an impact on Okada Manila's plans for a U.S. listing. The industry will continue to monitor the ongoing litigation process.

Jatin255

There are still several days until the verdict is delivered.

Jiger955

What is the misconduct? If there's an error in the punishment, then it should be corrected.

Shri333

Dissatisfaction with the judgment also requires finding a way to address it, right?

Pooja193

For those dissatisfied with the judgment, it is necessary to file an appeal.

Nimmi373

I believe Global Entertainment is also acceptable.