WeWork sues Softbank after pulling out from $3billion tender offer.

SoftBank said it will not be moving forward with the deal due to regulatory issues and unmet requirements.


Alfred Lee

8 Apr, 2020

WeWork sues Softbank after pulling out from $3billion tender offer. | BEAMSTART News

- From our Sponsors -

WeWork is suing SoftBank after the investment giant pulled out from investing another $3 billion into the struggling startup.

SoftBank’s initial offer was to buy shares of WeWork as part of a $9.5 billion bailout ($1.5 billion in exchange for shares and $5 billion debt financing) package after the company failed to go public.

However last week, SoftBank said it will not be moving forward with the deal due to regulatory issues and unmet requirements.

WeWork former CEO, Adam Neumann.

The lawsuit, which was filed yesterday, mentions that SoftBank had breached its obligations to deliver on the deal, and now wants the Japanese conglomerate to complete the tender offer or pay compensatory damages.

“The special committee regrets the fact that SoftBank continues to put its own interests ahead of those of WeWork’s minority stockholders,” WeWork’s camp said. “Instead of abiding by its contractual obligations, SoftBank, under increasing pressure from activist investors, has engaged in a purposeful campaign to avoid completion of the tender offer.”

- From our Sponsors -

Latest Jobs

Senior Software Engineer

Blue Onion Labs

New York,

Full Time

USD 90 — USD 200 yearly

US - Mid Market Sales Development Representative

Yuma AI

Massachusetts,

Full Time

USD 45000 — USD 55000 yearly

Founding Account Executive

Roe AI

California,

Full Time

USD 50000 — USD 150000 yearly

Applied AI Engineer II (Audio)

Reality Defender

New York,

Full Time

USD 130000 — USD 190000 yearly

Product Manager

Forage

Full Time

Salary Undisclosed

Lead Product Designer

Instawork

Full Time

Salary Undisclosed

Founding Frontend Engineer

Pincites

California,

Full Time

USD 140000 — USD 190000 yearly

HR Manager (Paris)

Formance

Île-de-France,

Full Time

USD 50000 — USD 70000 yearly

Founding Software Engineer

FleetWorks

California,

Full Time

USD 130000 — USD 200000 yearly

Product Designer

Surface Labs

Contract

USD 10000 — USD 15000 yearly

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

 
© 2016 - 2024 BEAMSTART. All Rights Reserved (Legal).