In a bid to rescue struggling office-space sharing firm WeWork, SoftBank has offered $5 billion in new money to the company in the form of debt
) offered nearly $10 billion on Monday to WeWork and its shareholders under a takeover plan that would keep the U.S. office-space sharing start-up afloat and lead to the exit of its Chairman Adam Neumann, sources said.
WeWork owner The We Company’s board will meet on Tuesday to evaluate SoftBank’s offer against an alternative financing proposal from JPMorgan Chase & Co , the people, who were familiar with the matter, said. This commitment was made in January at a $47 billion valuation, but SoftBank is now seeking to renegotiate it at a valuation of about $8 billion, the sources added.
Neumann could step down from The We Company’s board as part of the deal with SoftBank and become an adviser, according to the sources. SoftBank Chief Operating Officer Marcelo Claure would succeed Neumann as chairman, the sources said.FILE PHOTO: A WeWork logo is seen outside its offices in San Francisco, California, U.S. September 30, 2019. REUTERS/Kate Munsch
Artie Minson, previously WeWork’s chief financial officer, and Sebastian Gunningham, who was a vice chairman at the company, are now serving as its co-chief executives. While Neumann’s investors were willing to entertain his eccentricities since co-founding WeWork in 2010, his free-wheeling ways and party-heavy lifestyle came into focus once he failed to get the company’s IPO underway.
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