Well we can’t say that–no matter how enigmatically–we weren’t forewarned.
In the midst of the coronavirus Covid-19 pandemic, legendary corporate raider and billionaire gambling investor Jason Ader told us last year that he was watching market developments in the United States closely and monitoring how movers and shakers were “recalibrating to future unknowns”.
Ader has now made his play with a new Special Purpose Acquisition Company (SPAC) venture that he’s just taken to New York’s Nasdaq market with the intention of raising an initial US$240m (£184m/€207m) war chest to fund more of his top-ranking mergers and acquisitions.
He describes his latest vehicle–26 Capital Acquisition Corp—as a “blank cheque” vehicle.
According to a statement issued at the Initial Public Offering of 24 million US$10 Class-A shares, it will concentrate its efforts on identifying high-quality businesses in the gaming and gaming technology, branded consumer, lodging and entertainment or Internet commerce sectors.”
Leading the charge alongside Ader, who is 26 Capital’s Chief Executive Officer, will be John Lewis as Chief Financial Officer.
Ader is recognised as one of the gambling world’s most successful “activist investors”.
Previously he’s powered heavy deals involving Las Vegas’ Sands casino, IGT, Playtech, Bwin.Party Digital Entertainment, and GVC Holdings through his SpringOwl Asset Management hedge fund.
Undoubtedly, there’s going to be a flurry of new Ader investments coming your way soon.