top of page

WeWork board's special committee prepares for fight against SoftBank

  • Mar 25, 2020
  • 1 min read

BENGALURU: The special committee ofWeWork's board is preparing for a fight against Japan'sSoftBank GroupCorp saying thatSoftBankshould complete its tender offer promised to the office sharing company's employees and shareholders.


"Not only is SoftBank obligated to consummate the tender offer as detailed by the Master Transaction Agreement, but its excuses for not trying to close are inappropriate and dishonest", the committee said in a statement on Sunday.



In response, SoftBank said it maintains the ability to walk away from the tender offer if there is any material liability to WeWork, adding the offer has no impact on SoftBank's commitment to WeWork or on the financial strength of the business.


"SoftBank has informed stockholders that all of the agreed upon closing conditions must be satisfied before the tender offer can be completed," a SoftBank spokeswoman said.


"As of now, they are not."


Reuters reported on Tuesday that SoftBank was considering pulling out of the $3 billion bid to buy additional shares in WeWork, because it feels the office-space sharing firm has not met the conditions for the deal.


March 23, 2020

 
 
 

Comments


Mindcept-Logo.png

© MINDCEPT CONSULTING

  • LinkedIn

DISCLAIMER: The information contained in this website is offered for illustration purposes only and is general information. We make no representations or warranties of any kind (express or implied) with respect to the information, products, services, statements, figures, calculations, plans, images, logos, related graphics and are purely indicative in nature only. Whilst all reasonable care has been taking in providing all information, however, We or / and our related companies or/ and our representatives, consultants or / and our agents accept no responsibility for its completeness, accuracy, reliability, suitability or availability of any information contained herein for any action taken in reliance thereon by any party. Any reliance on information as contained in this website does not constitute an offer, inducement, representation, warranty or contract and may be relied upon at one’s risk and consequences.

bottom of page