(Finance) – SoftBank Group Corp may not complete its $3 billion (2.42 billion pounds) tender offer which was agreed upon last year with its shareholders for additional WeWork shares.
“The Special Committee of the Board of Directors of WeWork has been advised by SoftBank, the controlling shareholder of WeWork, that it will not consummate the tender offer which it agreed to in October of 2019.”
– SoftBank statement
The company added that it was disappointed by the development.
SoftBank shall evaluate all its legal options, including litigation and remained committed to reaching a solution.
SoftBank was considering pulling out of the $3 billion bid to buy additional shares in WeWork, feeling that it had not met the conditions for the deal.
The special committee of WeWork’s board said it was preparing for a fight against SoftBank.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.