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April 2, 2020 Comments Off on SoftBank Terminates Tender Offer for $3B of WeWork Stock Views: 750 National News

SoftBank Terminates Tender Offer for $3B of WeWork Stock

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SoftBank Group said Thursday that it terminated its tender offer for up to $3 billion of WeWork stock held by other shareholders. The Tokyo-based investment group said certain closing conditions weren’t met by the agreed-upon April 1 deadline, and included the emergence of several new criminal and civil investigations and government actions against WeWork since the tender offer was negotiated last October.

“SoftBank remains fully committed to the success of WeWork and has taken significant steps to strengthen the company since October, including newly committed capital, the development of a new strategic plan for WeWork and the hiring of a new, world-class management team,” said Rob Townsend, SoftBank’s chief legal officer.

He added, “The tender offer was an offer to buy shares directly from other major stockholders and its termination has no impact on WeWork’s operations or customers.” Among those major shareholders is WeWork’s former CEO, Adam Neumann.

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