SOFTBANK Group Corp said it has terminated a US$3 bil (RM13 bil) 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 recapitalise 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.” – April 2, 2020, Reuters
