Uncategorized
SoftBank terminates $3 billion WeWork tender offer
SoftBank Group Corp. Chairman and Chief Executive Officer Masayoshi Son speaks during a press conference on November 6, 2019 in Tokyo, Japan.Tomohiro Ohsumi | Getty ImagesSoftBank Group said it has terminated a $3 billion tender offer for additional WeWork shares agreed last year with shareholders, including ousted co-founder Adam Neumann, drawing threats of legal action…
SoftBank Group Corp. Chairman and Chief Executive Officer Masayoshi Son speaks during a press conference on November 6, 2019 in Tokyo, Japan.
Tomohiro Ohsumi | Getty Images
SoftBank Group said it has terminated a $3 billion tender offer for additional WeWork shares agreed last year with shareholders, including ousted co-founder Adam Neumann, drawing threats of legal action from other board members.
SoftBank said in a statement it is pulling out of the offer agreed as part of last year's bailout plan of the floundering shared-office operator.
The statement cites issues, which include a failure to recapitalize WeWork's struggling joint venture in China, criminal and civil investigations into the startup and the impact of the coronavirus pandemic on the business.
A special committee of WeWork's board said it was “disappointed” by the development and is considering “all of its legal options, including litigation.”
Subscribe to Centenunlimited news
We hate SPAM and promise to keep your email address safe
