Thursday, December 19

Tag: Share purchase

WeWork troubles deepen as SoftBank pulls its $3 billion tender offer
BUSINESS

WeWork troubles deepen as SoftBank pulls its $3 billion tender offer

Softbank said it has terminated a $3 billion tender offer for additional WeWork shares agreed last year with shareholders, drawing threats of legal action and plunging the floundering office space company further into crisis. The tech investment giant said in a statement that given its duty to its shareholders it could no longer proceed with the deal, citing criminal and civil probes into the startup, WeWork’s failure to restructure a joint venture in China and the impact of the coronavirus pandemic. A special committee of WeWork’s board said it was disappointed and is considering “all of its legal options, including litigation.” SoftBank’s decision to rescind the offer means the Japanese firm is no longer obligated to proceed with a further $1.1 billion in debt financing for WeWo...