SoftBank has pulled a $3 billion offer for more shares in WeWork, deepening troubles for the office-sharing firm
) said it has terminated a $3 billion tender offer for additional WeWork shares agreed last year with shareholders, drawing threats of legal action and plunging the floundering office space company further into crisis.
A special committee of WeWork’s board said it was disappointed and is considering “all of its legal options, including litigation.” “WeWork is in real trouble and SoftBank’s withdrawal from the share purchase worsens the situation materially,” Richard Windsor, an independent analyst, wrote in a note. The tender offer, which would have mostly benefited a select group of shareholders including ousted co-founder Adam Neumann, had been agreed in October as part of bailout plan by SoftBank after WeWork’s IPO plans flopped. Investors had been concerned about its losses and a business model that involves taking long-term leases and renting out spaces for a short term.
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