WeWork board's special committee prepares for fight against SoftBank

This post was originally published on this site
https://i-invdn-com.akamaized.net/trkd-images/LYNXMPEG2L0SC_L.jpg
© Reuters. A man walks out of a WeWork space in the Manhattan borough of New York City© Reuters. A man walks out of a WeWork space in the Manhattan borough of New York City

(Reuters) – The special committee of WeWork’s board is preparing for a fight against Japan’s SoftBank Group Corp (T:) saying that SoftBank should 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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment