WeWork sues SoftBank for bailing on $3 billion share buyout agreed to in October

WeWork is suing SoftBank for abandoning a $3 billion share buyout and accusing the Japanese company of inventing reasons to back out of the plan, as financial pressure mounts and the Covid-19 pandemic worsens. The tender offer was part of a rescue package agreed to late last year, when WeWork's botched IPO left it teetering on the edge of insolvency — until SoftBank stepped in with the bailout, worth roughly $10 billion at the time. In a lawsuit filed in the Delaware Court of Chancery on Tuesday, the special committee of WeWork's board said SoftBank (SFTBF) and CEO Masayoshi Son are now suffering from "buyer's remorse."

Source: https://edition.cnn.com/2020/04/08/tech/wework-softbank-lawsuit/index.html

Main campus

Open on location Google Map