April 8, 2020 Comments Off on WeWork Sues SoftBank Over Terminated $3B Stock Deal Views: 609 Downtown New York, New York News

WeWork Sues SoftBank Over Terminated $3B Stock Deal

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WeWork says it had filed a lawsuit in the Delaware Court of Chancery against SoftBank Group, which last week terminated a tender offer for up to $3 billion in WeWork shares. The suit charges SoftBank with a breach of contract under an October 2019 Master Transaction Agreement (MTA), and a breach of fiduciary duty to WeWork’s minority stockholders, including current and former employees.

The lawsuit seeks “specific performance requiring SoftBank to complete the tender offer or, in the alternative, compensatory damages for SoftBank’s breaches of contract and fiduciary duty. We are committed to enforcing the terms of the MTA and to ensuring that SoftBank upholds its commitments to WeWork’s minority stockholders.”

SoftBank said it would “vigorously defend” against the suit, which it called “a desperate and misguided attempt now to rewrite that agreement and to rewrite the history of the past six months,” MarketWatch reported.

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