WeWork board’s special committee is preparing for a fight against Japan’s SoftBank Group stating that SoftBank should complete its promised tender offer to WeWork’s 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.”
– WeWork board’s special committee
As a response to WeWork, SoftBank said that it can walk away from the tender offer lest there is any material liability adding that the offer has no impact on its commitment to WeWork or to its financial strength.
“SoftBank has informed stockholders that all of the agreed upon closing conditions must be satisfied before the tender offer can be completed. As of now, they are not.”
– SoftBank spokeswoman
On Tuesday, SoftBank announced that it was considering pulling out of the bid buy of $3 billion to buy WeWork’s additional shares, as it felt as though WeWork did not meet the deal’s conditions.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.