Japanese tech giant SoftBank terminates an offer to pay up to $3 billion for shares in office-space provider WeWork, depriving co-founder Adam Neumann of a potential windfall of nearly a billion dollars
By Kosaku Narioka April 2, 2020 3:36 am ET SoftBank 9984 2.53% Group Corp. terminated an offer to pay up to $3 billion for shares in office-space provider WeWork, depriving co-founder Adam Neumann of a potential windfall of nearly a billion dollars.
Mr. Neumann, former chief executive of WeWork parent We Co., had the right to sell up to $970 million in stock to SoftBank as part of the October deal that led to his ouster from the company’s board. After The Wall Street Journal reported in March that SoftBank was threatening to back out of the deal, a spokeswoman for the WeWork board’s committee of independent directors said SoftBank’s reasons were “inappropriate and dishonest.” The spokeswoman said: “Reneging on the agreement would be completely unethical, especially given the current environment.”
SoftBank cited the pandemic as one of its reasons for terminating the share acquisition, saying government lockdowns were “imposing restrictions against WeWork and its operations.”
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