Abu Dhabi, UAEMonday 21 September 2020

WeWork board committee to press SoftBank to complete tender offer

Office-sharing company says Japanese lender should fulfil commitment made to employees and shareholders

WeWork's office location in Abu Dhabi.
WeWork's office location in Abu Dhabi.

The special committee of WeWork’s board is preparing for a fight against SoftBank Group saying that the Japanese lender should complete its tender offer promised to the office sharing company’s employees and shareholders.

“Not only is SoftBank obligated to consummate the tender offer as detailed by the Master Transaction Agreement, but its excuses for not trying to close are inappropriate and dishonest”, the committee said on Sunday.

In response, SoftBank said it maintains the ability to walk away from the tender offer if there is any material liability to WeWork, adding the offer has no impact on SoftBank’s commitment to WeWork or on the financial strength of the business.

“SoftBank has informed stockholders that all of the agreed upon closing conditions must be satisfied before the tender offer can be completed,” a SoftBank spokeswoman said.

“As of now, they are not.”

On Tuesday, it emerged that SoftBank was considering pulling out of the $3 billion (Dh11bn) bid to buy additional shares in WeWork, because it feels the office-space sharing company has not met the conditions for the deal.

Updated: March 24, 2020 03:50 AM

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