SoftBank lays ground to abandon $3 billion WeWork tender offer

SoftBank lays ground to abandon $3 billion WeWork tender offer
18/03/2020 , by , in INTERNATIONAL

SoftBank Group Corp is considering pulling out of a $3 billion bid to buy additional shares in WeWork, because it feels the office-space sharing firm has not met the conditions for the deal, people familiar with the matter said on Tuesday.

SoftBank’s U-turn would be the latest blow for WeWork’s investors, which last year saw the company’s valuation plummet by tens of billions of dollars amid a failed attempt to go public and a cash crunch that threatened it with bankruptcy.

SoftBank declined to comment and WeWork did not immediately respond to a request for comment about the potential withdrawal of the tender offer.

 

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